In a significant development aimed at fostering collaboration and innovation, Union Minister of Commerce and Industry, Textiles, Consumer Affairs, and Food & Public Distribution, Shri Piyush Goyal, participated in the “7th BRICS Industry Ministers’ Meeting” hosted virtually by South Africa. The meeting, chaired by South Africa, brought together Industry Ministers from the BRICS nations – Brazil, Russia, India, China, and South Africa. The discussions centered on critical aspects of industrialization, digitalization, and innovation within the context of a rapidly evolving global economy.
Highlighting India’s transformative journey, Shri Piyush Goyal underscored the remarkable progress witnessed by the country, particularly within the startup ecosystem. He lauded the success of the Startup India initiative, which has paved the way for the creation of nearly 100,000 startups in India. Building on this momentum, Shri Goyal announced a groundbreaking initiative – the launch of the BRICS Startup Forum in 2023. The Forum aims to facilitate collaboration among startups, investors, incubators, and aspiring entrepreneurs across the BRICS nations, providing a platform for knowledge-sharing and the exchange of best practices.
The Industry Ministers from the BRICS nations collectively acknowledged the need for digital transformation and the imperative of embracing Industry 4.0 and emerging technologies. In their Joint Declaration, they emphasized the importance of industrial cooperation and investment to expedite the recovery and growth of the global industrial economy. The Ministers recognized the pivotal role played by Micro, Small, and Medium Enterprises (MSMEs) in driving economic diversification and integration into global value chains.
Amidst discussions on collaboration and innovation, Shri Piyush Goyal reiterated India’s commitment to the principle of “Vasudhaiva Kutumbakam,” which translates to ‘The World Is One Family.’ This sentiment underscores India’s dedication to fostering a more inclusive, tolerant, and interconnected global community.
The Ministers also recognized the significance of human resource development and the need for upskilling and reskilling programs to empower individuals and enhance their contributions to the evolving industrial landscape. Additionally, the importance of promoting projects owned or managed by women, youth, and disadvantaged groups within the BRICS countries was highlighted, further reinforcing the commitment to inclusive growth.