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India to launch BRICS Startup Forum in 2023 for global push to economic ties

Union Commerce and Industry Minister Piyush Goyal.

India will be launching the BRICS Startup Forum in 2023 with the goal of facilitating collaboration and sharing best practices among startups, investors, incubators, and aspiring entrepreneurs, Commerce and Industry Ministry Piyush Goyal announced at the 7th BRICS Industry Ministers meeting held on Monday. The meeting was hosted virtually with South Africa as the Chair.

While highlighting the transformation that has taken place in India, Goyal commented on the expanding Startup India initiative that has led to the creation of nearly 100,000 startups in the country. The minister focused on “Transforming Production Systems” and the support India can offer to other BRICS members and the wider international community, according to an official statement issued today.

Goyal reiterated India’s commitment to “Vasudhaiva Kutumbakam” (‘The World Is One Family’) which underscores India’s commitment to being a responsible global citizen and working towards a more inclusive, tolerant and interconnected world.

The Industry Ministers of other BRICS countries (Brazil, Russia, China and South Africa) also attended the meeting in which a joint declaration was adopted.

The ministers re-emphasized on the need for digitalization, industrialization, innovation, inclusiveness, and investment among BRICS countries. They recognized the increasing importance of Industry 4.0 and other emerging technologies in promoting digital transformation of all economic sectors. The declaration acknowledged the need for human resource development and exploring opportunities for cooperation on upskilling and reskilling programs, the official statement said.

The Ministers reiterated their commitment to deepen industrial cooperation and expedite the recovery and growth of the Industrial Economy through jointly creating an open, fair, vibrant, resilient and non-discriminatory environment.

The Ministers also recognized the key role of Micro, Small and Medium Enterprises (MSMEs) and the importance of their integration and diversification into global industrial chains, supply chains and value chains. Besides, the ministers underlined the need for creating market opportunities within the BRICS countries for inclusive growth of projects owned or managed by women, youth and disadvantaged groups.

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