Secretary of Commerce Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal spearheaded an industry roundtable to officially introduce the ambitious “Innovation Handshake” agenda, a collaboration discussed by US President Joe Biden and Prime Minister Narendra Modi in June.
The event, co-hosted by the US-India Business Council and the Confederation of Indian Industry, brought together CEOs from major ICT companies, venture capital executives, and founders of startups in the critical and emerging technology space. The primary focus was on enhancing technology collaboration between the United States and India.
Secretary Raimondo emphasized the significance of the “Innovation Handshake,” stating, “Through the Innovation Handshake, the United States and India are forging a critical tech partnership that will further strengthen our interconnected innovation ecosystems.” She expressed eagerness to build on this progress with Minister Goyal to benefit workers and businesses in both countries.
Minister Goyal echoed the sentiment, saying, “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.” He highlighted the importance of the MoU signed to enhance innovation ecosystems.
The announcement paved the way for upcoming “Innovation Handshake” events scheduled for early 2024 in India and the United States. These events will include an investment forum supporting US and Indian startups and a Silicon Valley “hackathon” where startups will pitch ideas to address global economic challenges.
Developed under the US-India Commercial Dialogue, the “Innovation Handshake” aims to facilitate discussions between the two governments, venture capital leaders, entrepreneurs, and industry stakeholders. These discussions will address regulatory challenges, promote innovation, and encourage job growth, particularly in emerging technologies.
The initiative aligns with the US-India Commercial Dialogue’s focus on Critical and Emerging Technology (iCET). It seeks to connect dynamic startup ecosystems, tackle regulatory hurdles, and stimulate innovation and job growth in identified priority sectors.
During her visit to India earlier this year, Secretary Raimondo announced a new working group under the Commercial Dialogue, concentrating on technological innovation issues.This initiative builds on the insights gained from a roundtable discussion with India-based startups and venture capital firms, contributing to ongoing efforts to enhance US-India technology collaboration.
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