Secretary of Commerce Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal spearheaded the launch of the Innovation Handshake agenda, previously endorsed by President Joe Biden and Prime Minister Narendra Modi. The event, co-hosted by the US-India Business Council and Confederation of Indian Industry, convened CEOs, venture capital executives, and startup founders to deliberate on augmenting US-India tech collaboration.

Through the Innovation Handshake, both nations are establishing a pivotal tech partnership to fortify interconnected innovation ecosystems. Raimondo emphasized the significance of this step in enhancing the US-India commercial relationship. Prime Minister Modi’s earlier visit laid the foundation for this joint commitment, signaling a concerted effort to bolster the startup ecosystem and promote collaboration in Critical and Emerging Technologies.

The announcement sets the stage for upcoming Innovation Handshake events in India and the US in early 2024. These include an investment forum aiding startup companies from both countries in bringing innovative ideas to market and a Silicon Valley hackathon where startups will pitch solutions addressing global economic challenges. The Innovation Handshake, conceived under the US-India Commercial Dialogue, aims to foster discussions involving governments, venture capital leaders, entrepreneurs, and other stakeholders to open opportunities and address challenges in identified priority sectors.

The US Government outlines the Innovation Handshake’s objectives, focusing on connecting dynamic startup ecosystems, overcoming regulatory hurdles, and stimulating innovation and job growth, especially in emerging technologies. Secretary Raimondo’s earlier visit to India laid the groundwork for this initiative, establishing a working group under the Commercial Dialogue focusing on technological innovation.

In summary, the Innovation Handshake is a critical initiative enhancing collaboration between India and the US in the tech sector. The forthcoming events and forums underscore the commitment to fostering innovation, addressing challenges, and promoting job growth in emerging technologies.

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