Commerce Minister Piyush Goyal Chairs 7th BRICS Industry Ministers' Meeting

Union Minister of Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal participated in the “7^th BRICS Industry Ministers’ meeting” hosted virtually with South Africa as the Chair yesterday. Shri 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.

Shri Piyush Goyal, 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.

Shri Piyush 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.

The Industry Ministers of other BRICS countries (Brazil, Russia, China and South Africa) also attended the meeting and the Joint Declaration was adopted.

The Ministers re-emphasized 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. Through the declaration, the BRICS members acknowledged the need for human resource development and exploring opportunities for cooperation on upskilling and reskilling programs.

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 recognized 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. The Ministers also underlined the need for creating market opportunities within the BRICS countries for inclusive growth of projects owned/managed by women, youth and disadvantaged groups.