India, Germany To Collaborate On AI-Based Startups & Research

India and Germany have agreed to work together in the domain of  artificial  intelligence (AI). As part of the collaboration, the two sides will work together to advance AI-based startups and research.

The two countries will also jointly work to foster a higher degree of application of AI in sustainability and healthcare. The announcement was made at the sidelines of a meeting between Minister for Science and Technology and Earth Sciences Jitendra Singh and his German counterpart Bettina Stark-Watzinger.

At the meeting, both ministers agreed for greater cooperation in the field of AI.  It was also announced that a proposal will soon be floated to invite suggestions from researchers and industry in this regard.

Singh also said that India and Germany are working together in newer areas of technology such as electric mobility, quantum technologies, green hydrogen fuel, among others. He further proposed ramping up joint cooperation in these areas to leverage the two country’s strengths.

Highlighting the government’s achievements, Singh said that the Centre was focused on ‘promoting the value chain of innovation, entrepreneurship and IP generation’.

The announcement is part of the overarching cooperation between the two sides in science and technology. The two governments have roped in academic institutions and local industries to further strategic research and development in the AI arena. 

The Indian Software-as-a-Service (SaaS) startups have been creating a mark in the AI space. With a slew of offerings powered by AI, many Indian companies have made their foray into global markets. From Zoho to Freshworks, a host of Indian startups have created AI-products that have found markets in different parts of the world.

In numbers, Indian enterprisetech startups raised more than $3.2 Bn in investments last year. India also boasts of 16 unicorns in the sector. A report by IDC said that the India AI software market would grow from $2.7 Bn in 2020 to $6.3 Bn by 2025 at a CAGR of 18.1%.

Indian Seeks Partnerships For Startups

India continues to reach out to many of the startup hubs across the globe to foster innovation and create demand for Indian products. In January last year, the Indian government organised the Startup India International Summit, which saw participation from 56 countries. 

In April this year, Union Minister Piyush Goyal called on Indian companies to strengthen economic ties with Australian companies, especially startups.

In November last year, India and Israel signed a pact aimed at spurring innovation and speeding up the development of dual-use technologies by small and medium-sized enterprises in both nations.  

In addition, the UK-India Startup Launchpad was unveiled back in 2019. The initiative provides deeper collaboration between two leading startup ecosystems and aims to encourage startups in both countries to innovate.

In January, a $150 Mn India-UAE venture capital fund was also launched on the sidelines of Dubai EXPO2020 to fuel the growth of startups in the two countries. In total, India has 12 international collaborative startups hubs via which the government incentivises joint ventures between startups and enables investments in the ecosystem.