- A collaboration agreement was signed between India and Germany on artificial intelligence (AI).
- The two countries will collaborate to foster a higher level of AI application in sustainable development and healthcare.
- Minister for Science, Technology, and Earth Sciences Jitendra Singh and his German counterpart Bettina Stark-Watzinger announced the agreement on the sidelines of their meeting.
A collaboration agreement was signed between India and Germany on artificial intelligence (AI). Together, the two sides will conduct research and startups related to AI as part of this collaboration.
As well, the two countries will collaborate to foster a higher level of AI application in sustainable development and healthcare. Minister for Science, Technology, and Earth Sciences Jitendra Singh and his German counterpart Bettina Stark-Watzinger announced the agreement on the sidelines of their meeting.
Both ministers agreed to enhance their cooperation in the field of artificial intelligence. Moreover, a proposal on this topic will soon be floated to solicit ideas from researchers and the industry.
Even Jitendra Singh said that India and Germany are also cooperating in newer technological fields such as electric mobility, quantum technology, green hydrogen fuel, and so on. Furthermore, he proposed increasing cooperation between the two countries in these areas to take advantage of their strengths.
Showcasing the government’s achievements, Singh said the government is focused on “promot[ing] the value chain of innovation, entrepreneurship, and IP generation.”
The announcement is part of a broader framework of cooperation between the two sides in science and technology. The two governments have partnered with local and academic institutions to pursue strategic research and development in the AI area.
In the AI space, Indian SaaS startups have made a name for themselves. Indian companies have made their way into the global market by using a wide range of AI-based products. Many Indian startups, from Zoho to Freshworks have created AI products that have found markets across the globe.
The number of Indian enterprise tech startups raising investments last year exceeded $3 billion. In addition, India has 16 unicorns in the sector. According to IDC, the Indian AI software market will grow from $2.7 Bn in 2020 to $6.3 Bn by 2025 at an 18.1% CAGR.
Indian startups seek partnerships
In order to foster innovation and create a demand for Indian products, India continues to reach out to many of the startup hubs around the globe.56 countries participated in the Startup India International Summit organized by the Indian government in January last year.
Union Minister Piyush Goyal called on Indian companies to strengthen economic ties with Australian companies, especially startups earlier this month.
An agreement between India and Israel was signed in November last year to spur innovation and help small and medium-sized enterprises in both countries develop dual-use technologies.
Also in 2019, the UK-India Startup Launchpad was announced. Through the initiative, two leading startup ecosystems work together more closely and are encouraged to innovate.
On the sidelines of Dubai EXPO2020, a $150 million India-UAE venture capital fund was launched to boost startup growth in the two countries. At present, India has twelve international collaborative startup hubs through which the government encourages joint ventures between startups and enables investment.