India To launch BRICS Startup Forum in 2023: Commerce Minister Goyal

Union Minister of Commerce and Industry Piyush Goyal announced that 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.

Goyal participated in the “7^th BRICS Industry Ministers’ meeting” hosted virtually with South Africa as the Chair on Monday (7 August).

The Commerce 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.

The minister focused on “Transforming Production Systems” and the support India can offer to other BRICS members and the wider international community, the Commerce Ministry said in a statement.

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.

According to the Commerce Ministry statement, the ministers re-emphasised 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 ministry said.

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

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 recognised 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, it said.