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India is all set to initiate the BRICS Startup Forum

New Delhi: India is all set to initiate the BRICS Startup Forum in 2023 to promote collaboration and knowledge sharing among startups, investors, incubators, and emerging entrepreneurs, said commerce and industry minister Piyush Goyal, during the virtual 7th BRICS Industry Ministers’ meeting, hosted by South Africa as the Chair.

The minister while highlighting the transformation that has taken place in India, also commented on the 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.

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 and the joint declaration was adopted.

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

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 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. They 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.