India is gearing up to establish the BRICS Startup Forum in 2023, a platform aimed at fostering collaboration, knowledge exchange, and partnership among startups, investors, incubators, and emerging entrepreneurs. Piyush Goyal, the Minister of Commerce and Industry, made this announcement during the virtual 7th BRICS Industry Ministers’ meeting, presided over by South Africa.
In his address, Minister Goyal highlighted India’s notable transformation and underscored the success of the Startup India initiative, which has facilitated the emergence of nearly 100,000 startups within the country. The forum will extend support to fellow BRICS members and the global community at large, focusing on the theme of “Transforming Production Systems.”
The essence of “Vasudhaiva Kutumbakam” (‘The World Is One Family’), a guiding principle of India’s foreign policy, was reiterated by Minister Goyal. This reflects India’s commitment to responsible global citizenship, inclusivity, tolerance, and fostering interconnectedness on the global stage.
The BRICS Industry Ministers’ meeting saw participation from industry ministers of other member nations – Brazil, Russia, China, and South Africa. A joint declaration was adopted, highlighting the shared emphasis on digitalization, innovation, industrialization, inclusiveness, and investment within the BRICS community.
Industry 4.0 and other emerging technologies were recognized as pivotal tools in promoting the digital transformation of various sectors. The ministers acknowledged the significance of human resource development and deliberated on potential cooperation for upskilling and reskilling initiatives.
The commitment to enhance industrial collaboration and stimulate the recovery and growth of the industrial economy was a central theme. The goal is to establish an environment that is open, fair, resilient, and non-discriminatory.
Acknowledging the role of Micro, Small, and Medium Enterprises (MSMEs), the ministers emphasised their integration into global industrial, supply, and value chains. Moreover, the importance of creating opportunities within the BRICS countries for projects managed by marginalised groups such as women, youth, and disadvantaged individuals was underlined.
This move to establish the BRICS Startup Forum reflects India’s commitment to fostering innovation, entrepreneurship, and economic growth, not only within its borders but also on the global stage.
