Cabinet approves pact between India, US to enhance innovation ecosystems

The Union Cabinet on Friday approved the Memorandum of Understanding (MoU) between the US and India to enhance innovation ecosystems.

The two countries are working together to strengthen the startup eco- system in deep tech sectors and promote cooperation in initiative on Critical and Emerging Technologies (iCET).

"The MoU would contribute significantly to strengthening Commercial opportunities in the high tech sector," an official statement said.

The Cabinet, chaired by Prime Minister Narendra Modi, approved the MoU between the two countries to enhance innovation ecosystems through an innovation handshake, it said.

Further, it said that the scope of cooperation would include a series of India-US Innovation Handshake events, round tables with the private sector, including hackathon and Open Innovation programmes, information sharing and other activities.

The pact laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the US in early 2024, which include an investment forum aimed toward helping the US and Indian startup companies take their innovative ideas and products to market and a hackathon in Silicon Valley where the startups will pitch ideas and technologies to help address global economic challenges.

The Cabinet also approved another MoU between India and Italy on cooperation in the field of Industrial Property Rights (IPRs).

"The MoU will promote between the participants the establishment of a mechanism that allows them to develop cooperation activities in the field of IP and information technology services related to this field," a separate statement said.

The purpose of the MoU is to support enterprises, especially startups and SMEs (small and medium-sized enterprises) in accessing to and participating in the national and international IPR systems.

"The MoU also seeks to streamline the procedures related to processing of IPR applications, fostering IP awareness, encouraging IPR commercialisation and enforcement," it said.