The government is planning to sign a startup exchange program with Germany, making it easier for Indian startups to gain entry to the German market and investments. Nirmala Sitharaman, Commerce and Industry Minister, along with PM Modi conferred with Germany’s Economic Affairs Minister, Brigitte Zypries, regarding prospects for cooperation and sharing of knowledge and best practices in the startup ecosystem. “There is tremendous potential in India-Germany economic collaboration”, said PM Modi
“There are synergies between India’s and Germany’s startup ecosystems since both countries have a similar set of sectors investing in new ventures,” said a government official. India and Germany are likely to sign a formal agreement, between Startup India and the German Startups Association. This has about 650 startups and 50 partners and coordinates with China, US, India and Israel.
Three startups from Germany, have already asked for support from Sitharaman for working with the government’s Startup India initiative to study business prospects in the renewable energy sector.
The government is looking for further such international link-ups to foster Indian startups and give them a global platform. Startups from anywhere across the globe can register patents in India instantaneously, under a ‘tatkal’ option, according to the latest patent rules. PM Modi had launched a Startup India program in Jan 2016, in which there were many incentives to companies that included tax breaks and ease of access to finance.