Soon, it may become easier for Indian startups to get access and investments from German firms owing credit to an arrangement both Governments are planning to sign. The India, Germany startup exchange programme was discussed when Commerce and Industry minister Nirmala Sitharaman had, alongside PM Narendra Modi, visited Germany and discussed opportunities for collaboration and sharing knowledge and best practices with the German economic affairs minister Brigitte Zypries.
“There are synergies between India’s and Germany’s startup ecosystems since both countries have a similar set of sectors investing in new ventures,” a senior government official told Economic Times.
The two countries are working on a formal agreement which could be signed soon. It would be signed between Startup India and German Startups Association – which reportedly has 650 startups and 50 partners, including corporate entities and venture capital firms coordinates with the United States, China, India and Israel.
From the renewable energy sector, three German startups have sought Sitharaman’s support to enter India and work with the Startup India initiative to explore and maximise business opportunities here.
India is looking to set-up more of such partnerships to not only promote home-grown startups but also give them a global platform to avail of global opportunities. In order to boost things, post the latest amendment rules, startups from anywhere in the world can now register patents in India at a faster pace and lower price under ‘tatkal’ (instant) option now on offer.