India, US sign deal to boost startups

New Delhi: India has signed a deal with the US to boost its startup ecosystem through greater cooperation in critical technologies, the ministry of commerce said on Wednesday.

The agreement was signed between US Secretary of Commerce Gina Raimondo and Union Minister for Commerce and Industry Piyush Goyal, who led an industry roundtable to officially launch the ambitious ‘Innovation Handshake’ agenda which was previewed by US President Joe Biden and Prime Minister Narendra Modi in June.

Under the agreement, the two countries will share information and best practices for startup fundraising and promoting innovation and job growth, particularly in critical and emerging technologies (CET) identified under the India-US Initiative for Critical and Emerging Technology (iCET).

Signing a memorandum of understanding to enhance innovation ecosystems through the Innovation Handshake is an important step in growing the India-US partnership for the 21st century, Goyal said.

At the event, which was 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 ways to enhance technology collaboration between the two countries.

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Updated: 15 Nov 2023, 07:45 PM IST

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