Startups in India set to get boost with BRICS Startup Forum, says Piyush Goyal

In a positive update for the startup ecosystem in India, the country's Commerce and Industry Minister Piyush Goyal has announced the upcoming launch of BRICS Startup Forum, set to take place this year.

Indian Minister Piyush Goyal attended the 7th BRICS Industry Ministers’ meeting on Monday. Photo Courtesy: PIB

It will facilitate a collaboration among startups, investors, incubators and aspiring entrepreneurs.

Goyal said it while attending the 7th BRICS Industry Ministers’ meeting, hosted virtually with South Africa as the Chair on Monday.

While highlighting the transformation that has taken place in India, the minister mentioned the expanding Startup India initiative that has led to the creation of nearly 100,000 companies in the country.

He focused on “Transforming Production Systems” and the support India can offer to other BRICS members- Brazil, Russia, China and South Africa- and the wider international community.

A Joint Declaration was adopted during the meeting, which was also attended by the industry ministers of the member nations.

The Ministers re-emphasized 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 the digital transformation of all economic sectors.

"Through the declaration, the BRICS members acknowledged the need for human resource development and explored opportunities for cooperation on upskilling and reskilling programs," a government statement read.