MoU Between India and USA to Enhance Startup Ecosystem

Context:

• India has signed a deal with the US to boost its startup ecosystem through greater cooperation in critical technologies.

India-US Collaborate to Boost Startup Ecosystem

• The memorandum of understanding (MoU) on ‘’enhancing innovation ecosystems through an innovation handshake’’ under the framework of the India-US Commercial Dialogue was signed on November 14 in San Francisco. 

About MoU

• Objective: It will connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising, and promote innovation and job growth, particularly in critical and emerging technologies (CET) as identified under India -U.S. initiative for Critical and Emerging Technology (iCET).
• It signals a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote cooperation in Critical and Emerging Technologies (CET). 

India-US Commercial Dialogue (CD): It is a cooperative undertaking at the Ministerial level, to facilitate regular discussion to deepen ties between business communities, encompassing regular government-to-government meetings to be held in conjunction with private sector meetings.

• Aim: to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.
• The 5th India-U.S. Commercial Dialogue: It was held on 10th March 2023; At the meeting, the Commercial Dialogue was re-launched with a strategic focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery, especially for SMEs and startups.
• It included the launch of a new Working Group on Talent, Innovation, and Inclusive Growth (TIIG) under the Commercial Dialogue. 
• This Working Group would also support the efforts of Startups working towards the goals of iCET.

News Source: TOI

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