India is set to launch the BRICS Startup Forum in 2023, aiming to foster collaboration and share best practices among startups, investors, and entrepreneurs. Piyush Goyal, Minister of Commerce and Industry, made this announcement during the 7th BRICS Industry Ministers meeting held virtually with South Africa as the Chair.
Goyal highlighted the remarkable transformation in India, particularly through the expanding Startup India initiative that has given rise to almost 100,000 startups. The minister focused on India’s potential to aid other BRICS nations and the global community with “Transforming Production Systems,” as outlined in an official statement.
Affirming India’s commitment to the principle of “Vasudhaiva Kutumbakam” (‘The World Is One Family’), Goyal emphasized the nation’s role as a responsible global citizen, dedicated to fostering inclusivity, tolerance, and global interconnectedness.
The Industry Ministers from Brazil, Russia, China, and South Africa were also present, leading to the adoption of a joint declaration. They emphasized the importance of digitalization, industrialization, innovation, inclusivity, and investment within the BRICS countries. Acknowledging Industry 4.0 and emerging technologies’ role in driving digital transformation across sectors, the declaration highlighted the significance of human resource development and cooperation on upskilling and reskilling programs.
Furthermore, the Ministers reiterated their commitment to strengthening industrial cooperation, expediting economic recovery, and fostering growth through an open, fair, and non-discriminatory environment.
Micro, Small, and Medium Enterprises (MSMEs) were recognized for their pivotal role, emphasizing their integration and diversification within global industrial, supply, and value chains. The Ministers also stressed the need for market opportunities within BRICS nations to ensure inclusive growth for projects managed by women, youth, and disadvantaged groups.
