Union Minister of Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution, Piyush Goyal took part in the “7th BRICS Industry Ministers’ meeting” virtually, chaired by South Africa yesterday. During the event, Shri Goyal shared that India plans to introduce the BRICS Startup Forum in 2023 to encourage collaboration and share best practices among startups, investors, incubators, and aspiring entrepreneurs.

The union minister also highlighted India’s transformation and the success of the Startup India initiative, leading to the establishment of nearly 100,000 startups. The focus was on “Transforming Production Systems” and the support India can offer to other BRICS nations and the wider global community.

Reaffirming India’s commitment to “Vasudhaiva Kutumbakam” (‘The World Is One Family’), he emphasized India’s role as a responsible global citizen, fostering an inclusive, tolerant, and interconnected world.

Industry Ministers from Brazil, Russia, China, and South Africa also attended, adopting a Joint Declaration. The ministers stressed the importance of digitalization, industrialization, innovation, inclusiveness, and investment among BRICS countries. They acknowledged the significance of Industry 4.0 and emerging technologies in promoting digital transformation across sectors. The declaration recognized the necessity of human resource development and cooperation on upskilling and reskilling programs.

The ministers renewed their commitment to enhance industrial cooperation, stimulate recovery, and advance the Industrial Economy by fostering an open, fair, resilient, and unbiased environment.

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They acknowledged the vital role of Micro, Small, and Medium Enterprises (MSMEs), emphasizing their integration and diversification into global industrial, supply, and value chains. The ministers also highlighted the need for creating market opportunities within BRICS countries to ensure inclusive growth for projects led by women, youth, and disadvantaged groups.

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