USA and India Collaborate On Enhancing Innovation

  • The Union Cabinet chaired by Hon’ble Prime Minister, Shri Narendra Modi, approved the draft Memorandum of Understanding (MoU).
  • Between the United States of America and the Republic of India.
  • To enhance innovation ecosystems through an innovation handshake.

Background:

  • The 5th India-U.S. Commercial Dialogue was held on 10th March 2023 during the visit of U.S. Secretary of Commerce Gina Raimondo between 8-10 March.
  • At the meeting, the Commercial Dialogue was re-launched.
  • With a focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery, especially for SMEs and start-ups.
  • It included the launch of a new Working Group on Talent, Innovation and Inclusive Growth (TIIG).
  • To support efforts of startups working towards the goals of iCET.
  • Joint Statement released by President Biden and Prime Minister Modi in June 2023 welcoming efforts to establish an “Innovation Handshake”.
  • A G2G MoU was signed between India and the US on Innovation Handshake on 14th November 2023 in San Francisco, USA.

Scope:

  • “Open Innovation” programs.
  • Information sharing and other activities.
  • Two future Innovation Handshake events are scheduled to take place in India and the United States in early 2024.
  • An investment forum to help U.S. and Indian start-up companies take their innovative ideas and products to market.
  • A “hackathon” in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies.
Posted in Current Affairs.