India will launch BRICS Startup Forum in 2023, says 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, Union Commerce and Industry Minister Piyush Goyal has announced.

Participating in the '7th BRICS Industry Ministers’ meeting' hosted virtually with South Africa as the Chair on Monday (August 7, 2023), Goyal also highlighted expanding Startup India initiative that has led to the creation of nearly 100,000 startups in the country. He focused on 'Transforming Production Systems' and the support India can offer to other BRICS members and the wider international community.

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

According to the Union Ministry of Commerce and Industry:

1. 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.

2. Through the declaration, the BRICS members acknowledged the need for human resource development and exploring opportunities for cooperation on upskilling and reskilling programs.

3. 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.

4. The Ministers 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.

5. The Ministers also underlined the need for creating market opportunities within the BRICS countries for inclusive growth of projects owned/managed by women, youth and disadvantaged groups.