While conducting the first comprehensive midterm review of the iCET, both countries expressed satisfaction with progress in various technology domains. They also agreed to broaden iCET’s scope to include biotechnology, critical minerals, digital connectivity, and advanced materials.

This agreement seeks to foster connections between the Indian and American start-up ecosystems. The two countries aim to address the specific regulatory challenges that are impeding cooperation and share best practices regarding start-up fundraising. They also seek to encourage innovation and job growth, particularly in the critical and emerging technologies identified under the iCET.

The joint statement also mentions the initiatives by non-governmental stakeholders to implement the INDUS-X collaboration agenda.

On August 25, a joint accelerator program was initiated for Indian start-ups. The workshop led by U.S. accelerator M/s Hacking4Allies (H4Allies) and IIT Hyderabad intended to equip the start-ups with the know-how to commercialize, recruit talent, and expand.

On August 29, the inaugural Academia Start-up Partnership was convened by IIT Kanpur and Pennsylvania State University. The virtual gathering, which consisted of U.S. and Indian academics, government officials, and industry representatives, discussed ways to develop innovation ecosystems in emerging domains like AI, space, and cyber.

To maintain the momentum of iCET, both sides expressed their intention to undertake a midterm review in September 2023 before the next annual review scheduled for early 2024.

The meeting was attended by participants from MoD’s Innovations for Defence Excellence (iDEX) and the DOD’s Defense Innovation Unit (DIU).

DIU and iDEX launched the first two joint defense challenges: undersea communication and maritime intelligence, surveillance, and reconnaissance (ISR). These shared challenges will be presented to start-ups later in the month for them to develop appropriate technological solutions. The most promising technology would be entitled to financial awards along with potential procurement opportunities.

The Senior Advisory Group also welcomed initiatives by non-governmental stakeholders to implement the INDUS-X collaboration agenda.

One Task Force will focus on the development and deployment of Open RAN systems, while the other will look at research and development in 5G/6G technologies. These research initiatives will be co-led by India’s Bharat 6G Alliance and the United States’ Next G Alliance.

Micron Technology commits to investing up to $825 million to set up a semiconductor assembly and test facility in India. The project will be supported by both the India Semiconductor Mission and the State Government of Gujarat. The combined investment of Micron and the two government entities is valued at $2.75 billion.

Applied Materials intends to invest $400 million over four years to establish a collaborative engineering center in Bengaluru to further the development of semiconductor equipment subsystems and components.

Lam Research will deliver a virtual nanofabrication environment that will train 60,000 Indian engineers in nanotechnologies over a span of ten years. This will boost India's semiconductor education and workforce development goals.

The Artemis Accords are grounded in the Outer Space Treaty of 1967 and consist of thirteen non-legally binding principles to guide sustainable civil space exploration. India became the twenty-seventh country to sign the Accords.

GE and HAL will now manufacture the GE F414 jet engine in India which will power the indigenous Tejas Mk II fighter. This ‘trailblazing’ agreement will see a greater transfer of U.S. jet engine technology than ever before.

INDUS-X seeks to foster cooperation between the Indian and American defense innovation ecosystems. These include the two countries’ governments, defense firms, academic and research institutions, technology incubators, investors, industry associations, and other startup enablers.

At the inaugural INDUS-X Summit, the two countries announced a Senior Advisor Group to guide the initiative and expressed their intent to set up mentor-protégé partnerships and an accelerator program for defense startups. They will further explore joint defense challenges and a joint innovation fund.

The two sides discussed how they can facilitate the development and trade of technologies in key areas such as artificial intelligence, quantum computing, telecommunications, space, semiconductors, defense, and biotechnology. They also reviewed bilateral export control regulations and agreed to set up a regular monitoring group to review progress in high-tech trade and technological cooperation.

The two officials discussed proposals for India and the U.S. to co-produce jet engines, long-range artillery, and infantry vehicles under the iCET.

The working group will support iCET by identifying regulatory hurdles hampering cooperation and by advancing connectivity between the innovation ecosystems of the two countries.

The meeting is attended by several high-ranking officials from both governments. The two sides deliberate on opportunities to build technology value chains and support co-development and co-production. They also discuss how the innovation ecosystems in the two countries can be better connected. Here they recognized the value of establishing “innovation bridges” in important sectors. The two sides further emphasize their intention to resolve regulatory restrictions, export controls, and mobility barriers through a standing mechanism under the iCET. The first meeting of the iCET leads to the two countries launching new bilateral initiatives to further cooperation in the fields of quantum technologies, space, defense, semiconductors, telecommunications, and science and technology research.

U.S. Secretary of Commerce Gina Raimondo, U.S. National Security Advisor Jake Sullivan, and Indian National Security Advisor Ajit Doval along with industry executives, university presidents, thought leaders, and venture capitalists explore opportunities to foster the development of critical and emerging technologies, especially by increasing government and academic research exchanges and connecting them to the private sector.

The initiative is to be led by the National Security Council Secretariat in India and the U.S. National Security Council. It is aimed at forging closer ties between the government, academia, and industry of the two countries in areas such as artificial intelligence, quantum computing, telecommunications, space, semiconductors, and biotechnology.