India and US launch 'Innovation Handshake' to deepen bilateral tech ties

San Francisco: Secretary of Commerce Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal have led an industry roundtable to officially launch the two ambitious “Innovation Handshake” agenda, which was previewed by US President Joe Biden and Prime Minister Narendra Modi in June.

At the event, co-hosted by the US-India Business Council and the Confederation of Indian Industry on Tuesday, 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 US-India technology collaboration.

“Through the Innovation Handshake, the United States and India are forging a critical tech partnership that will further strengthen our interconnected innovation ecosystems,” said Raimondo.

“This is an important step to bolster the US-India commercial relationship and I look forward to building on this progress with Minister Goyal to help US and Indian workers and businesses succeed,” she said.

In June, Prime Minister Modi paid a state visit to the US at the invitation of President Biden.

“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-US partnership for the 21st century,” Goyal said.

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 US and Indian startup companies take their innovative ideas and products to market and a “hackathon” in Silicon Valley where US and Indian startups will pitch ideas and technologies to help address global economic challenges, the Department of Commerce said in a media release.

The Innovation Handshake, a concept developed under the US-India Commercial Dialogue, will bring the two governments together with venture capital leaders, entrepreneurs, and other industry and institutional stakeholders in a series of frank discussions designed to open up opportunities and address challenges in the priority sectors identified under the US-India initiative for Critical and Emerging Technology (iCET).

According to the US Government, 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.

During a visit to India earlier this year, Raimondo announced a new working group under the Commercial Dialogue that focuses on technological innovation issues. She also participated in a roundtable discussion with India-based startups and venture capital firms that has helped to inform the work underway today to enhance US-India technology collaboration.