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India to Launch BRICS Startup Forum for Enhancing Startup Ecosystem: Goyal

India is gearing up to launch the BRICS Startup Forum in 2023, with the aim of fostering collaboration, knowledge exchange, and cooperation among startups, investors, incubators, and emerging entrepreneurs, announced Commerce and Industry Minister Piyush Goyal. He made this announcement during the virtual 7th BRICS Industry Ministers' meeting, which was chaired by South Africa.

Minister Goyal, while highlighting the remarkable transformation occurring in India, also emphasized the significant impact of the Startup India initiative, which has facilitated the establishment of nearly 100,000 startups within the country. He particularly stressed the theme of "Transforming Production Systems" and India's readiness to provide support and expertise to fellow BRICS members and the broader global community.

Goyal reaffirmed India's unwavering commitment to the principle of "Vasudhaiva Kutumbakam" ("The World Is One Family"). This principle underscores India's dedication to being a responsible global citizen and actively contributing to the development of a more inclusive, tolerant, and interconnected world.

Industry ministers from other BRICS nations (Brazil, Russia, China, and South Africa) also participated in the meeting, leading to the adoption of a joint declaration. In this declaration, the ministers emphasized the necessity of digitalization, industrialization, innovation, inclusivity, and investment within the BRICS countries.

They acknowledged the increasing significance of Industry 4.0 and other emerging technologies in facilitating the digital transformation of all sectors of the economy. Furthermore, the BRICS members recognized the importance of human resource development and explored opportunities for collaboration in upskilling and reskilling programs.

The ministers reiterated their commitment to enhancing industrial cooperation and expediting the recovery and growth of the industrial economy. They collectively endorsed the creation of an open, equitable, vibrant, resilient, and non-discriminatory environment for all.

Additionally, the ministers highlighted the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) and emphasized the need for their integration and diversification into global industrial chains, supply chains, and value chains. Furthermore, they underlined the importance of generating market opportunities within the BRICS countries to promote inclusive growth for projects led by women, youth, and disadvantaged groups.


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