The Bharat government, led by Prime Minister Narendra Modi, and the United States are teaming up for an exciting partnership. They’ve given the green light to a special agreement called a Memorandum of Understanding (MoU). This partnership, called the ‘Innovation Handshake,’ is all about boosting innovation in both countries.
The Minister of Commerce and Industry, Piyush Goyal, shared the news on Twitter, calling it a “power-packed partnership.” The focus is on connecting the startup scenes in Bharat and the US and working together on Critical & Emerging Technologies (CET).
This collaboration began taking shape during a meeting called the 5th Bharat-U.S. Commercial Dialogue in March 2023. The dialogue was a strategic gathering where they launched a new group called Talent, Innovation, and Inclusive Growth (TIIG) to support startups working on important technologies.
The idea for the ‘Innovation Handshake’ got a big shout-out from President Biden and Prime Minister Modi in June 2023. It’s meant to link the vibrant startup communities of both countries, deal with any rules that might be in the way, and boost innovation and job growth, especially in crucial technologies.
On November 14, 2023, the collaboration got official with the signing of a Government-to-Government (G2G) MoU between Bharat and the US. This document lays out the plan for working together, including events, round tables, hackathons, and “Open Innovation” programs.
They’ve got two major events lined up for early 2024. First, an investment forum to help startup companies from both countries bring their cool ideas and products to the market. Second, a hackathon in Silicon Valley, where startups will pitch their ideas and technologies to tackle global economic challenges.
Overall, this partnership is expected to boost business opportunities in the high-tech sector. By joining forces through this ‘Innovation Handshake,’ Bharat and the US aim to drive technological progress, support new businesses, and create a great environment for startups working on important and emerging technologies.
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