India Proposes BRICS Startup Fund & Incubator Network

India has put forward a proposal for a BRICS incubator network and a startup innovation fund. This initiative aims to stimulate growth across the bloc’s member countries.

The commerce and industry ministry announced this development following the tenth BRICS Industry Ministers’ Meeting in Jaipur. During this significant gathering, ministers formally adopted a joint declaration focused on advancing industrial growth.

The declaration specifically targeted strengthened cooperation in key areas. These include Micro, Small, and Medium Enterprises (MSMEs), photovoltaics, startups, and logistics.

Commerce and Industry Minister Piyush Goyal highlighted the successful outcomes from extensive discussions by an advisory group and thematic working groups. These deliberations led to several crucial finalizations and adoptions.

A cooperation framework for the SME working group was finalized. Additionally, Terms of Reference and an action plan for the photovoltaic industry working group were adopted, alongside an action plan for innovation-led growth driven by startups.

Fostering Innovation and Collaboration

The proposed BRICS Incubator Network and BRICS Startup Innovation Fund are precisely designed to support this innovation-led growth. They aim to provide a structured platform for collaboration and development.

Member countries additionally reaffirmed the critical significance of the Partnership on New Industrial Revolution (PartNIR). This platform facilitates practical collaboration, knowledge sharing, capacity building, and industrial innovation among BRICS members.

Upcoming Trade Discussions

Looking ahead, India, currently serving as the BRICS Chair, is set to host the 16th BRICS Trade Ministers’ Meeting (TMM) in Jaipur. This important event is scheduled for August 7.

During the meeting, trade ministers and senior officials will convene to discuss matters pertaining to international trade and economic cooperation.