Govt plans to launch BRICS startup forum to foster entrepreneurial collaborations: Goyal

India is set to establish a BRICS startup forum later this year, aimed at promoting cooperation and knowledge exchange among investors, incubators, and aspiring entrepreneurs, according to Commerce and Industry Minister Piyush Goyal.

During the seventh virtual BRICS Industry Ministers' meeting, hosted by South Africa, Goyal announced this initiative to his counterparts from Brazil, Russia, China, and South Africa.

Highlighting the achievements of India's Startup India initiative, which has facilitated the creation of nearly 100,000 startups within the country, Goyal expressed India's readiness to extend support and insights to fellow BRICS members in this domain.

Joint declaration from industry ministers

The gathering of industry ministers from BRICS nations resulted in the adoption of a joint declaration. This declaration underlined the significance of digitalisation, industrialisation, innovation, inclusivity, and investment among the BRICS economies.

Acknowledging the growing role of Industry 4.0 and emerging technologies in propelling digital transformation across various sectors, the ministers highlighted the importance of human resource development.

"Through the declaration, the BRICS members acknowledged the need for human resource development and exploring opportunities for cooperation on upskilling and reskilling programmes," the commerce and industry ministry said in a statement.

Furthermore, the ministers stressed the creation of market avenues to foster inclusive growth for projects managed by women, youth, and marginalised groups.

What is BRICS?

BRICS is an acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. This coalition aims to foster cooperation and collaboration among its member nations to address global economic and political challenges. 

BRICS nations collectively represent a significant portion of the world's population, landmass, and economic output. They engage in discussions and initiatives related to economic development, trade, investment, technology, and geopolitical issues. 

Established in 2009, BRICS seeks to promote mutual growth, influence global governance, and enhance the role of emerging economies in shaping international policies and initiatives.

(With PTI inputs)