On November 14, U.S. Secretary of Commerce Gina Raimondo and India’s Minister of Commerce and Industry Piyush Goyal led an industry roundtable and officially launched the two countries’ ambitious “Innovation Handshake” agenda, which President Biden and Prime Minister Modi previewed during the latter’s historic June 2023 official State Visit to Washington, D.C.
The Innovation Handshake aims to connect the two countries’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote innovation and job growth, particularly in emerging technologies.
At the event, co-hosted by the U.S.-India Business Council and the Confederation of Indian Industry, CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space discussed how to enhance U.S.-India technology collaboration.
Secretary Raimondo said, “This is an important step to bolster the U.S.-India commercial relationship and I look forward to building on this progress with Minister Goyal to help U.S. and Indian workers and businesses succeed.”
Minister Goyal said, “The Innovation Handshake signals a joint commitment to strengthen the startup ecosystem and promote cooperation in Critical and Emerging Technologies between India and the United States. Signing an MoU to Enhance Innovation Ecosystems through an Innovation Handshake is an important step in growing the India-U.S. partnership for the 21st century.”
The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024, which include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies to help address global economic challenges.
