India and the US signed a Memorandum of Understanding (MoU) in San Francisco on November 14, 2023. The Memorandum of Understanding "Enhancing Innovation Ecosystems Through an Innovation Handshake" was signed as part of the India-US Commercial Dialogue. The foundation of the "Innovation Handshake" was announced in the leaders' Joint Statement during the Prime Minister's historic formal State Visit in June 2023. The US-India Business Council (USIBC) and the Confederation of Indian Industry (CII) co-hosted the event, which was backed by the National Association of Software and Service Companies (NASSCOM) and Startup India.
India-US Memorandum of Understanding (MoU)
- The Memorandum of Understanding was signed in San Francisco during the kick-off industry roundtable titled "Decoding the "Innovation Handshake": US-India Entrepreneurship Partnership."
- The Memorandum of Understanding was formed with the goal of connecting the two sides' vibrant startup ecosystems and addressing specific regulatory impediments.
- It seeks to foster innovation and employment creation in critical and emerging technologies (CET), as recognised by the India-US Critical and Emerging Technology Initiative (iCET).
- The Memorandum of Understanding (MoU) is a mutual commitment to develop the startup ecosystem in deep tech areas and foster collaboration in Critical and Emerging Technologies (CET).
- The "Innovation Handshake" brings in a new era of partnership between the US and India.
- In support of the US-India Initiative on Critical and Emerging Technology (iCET), the US-India Commercial Dialogue will establish an "Innovation Handshake" to link the startup ecosystems of both nations.
- The India-US MoU paved the way for two additional Innovation Handshake events to be held in India and the United States in early 2024.
- It comprises an investment forum intended at assisting American and Indian startup firms in bringing their creative ideas and products to market, as well as a "hackathon" in Silicon Valley.
India-U.S. Commercial Dialogue
- The Commercial Dialogue (CD) is a Ministerial-level collaboration between India and the United States.
- Its goal is to promote frequent dialogue in order to strengthen links between business communities, enhance trade, and maximise investment prospects.
- The 5th India-US Commercial Dialogue took place on March 10, 2023, during the visit of US Secretary of Commerce Gina Raimondo from March 8 to March 10.
- It featured the formation of a new Commercial Dialogue Working Group on Talent, Innovation, and Inclusive Growth (TIIG).
- The US Secretary of Commerce has visited India to take part in the India-US Bilateral Commercial Dialogue 2023.