India To Launch BRICS Startup Forum To Foster Entrepreneurial Collaborations

SUMMARY

Commerce Minister Piyush Goyal said the move is aimed at bolstering collaboration and knowledge sharing among startups from BRICS nations

During the seventh BRICS Industry Ministers' meeting, Goyal also said that the Centre’s Startup India initiative has nurtured the growth of nearly 1 Lakh startups in the country

The development comes at a time when India has been using global forums, including the G20, to promote startups in the country and cross-border cooperation between startups

In a move aimed at bolstering collaboration and knowledge sharing, India is all set to launch a BRICS startup forum later this year.

Union Minister for Commerce and Industry Piyush Goyal made the announcement during the seventh virtual BRICS Industry Ministers’ meeting held in South Africa. BRICS is the acronym for a bloc of five countries – Brazil, Russia, India, China, and South Africa.

Touting the achievements of India’s Startup India initiative, Goyal told the delegates that the scheme has nurtured the growth of nearly 1 Lakh startups within the country. He also conveyed India’s unwavering commitment to offering support and insights to fellow BRICS members for fostering an environment conducive to entrepreneurial success.

One of the key outcomes of the conclave was the unanimous adoption of a joint declaration that emphasised the pivotal role played by digitalisation, industrialisation, innovation, inclusivity, and investment in shaping the trajectories of the BRICS economies.

As Industry 4.0 and cutting-edge technologies drive digital transformations across various sectors, the BRICS ministers also emphasised the significance of human resource development.

“The BRICS members acknowledge the imperative of human resource development and the exploration of cooperative opportunities in upskilling and reskilling programs,” said the joint declaration.

The development comes at a time when India has been using global forums to encourage startups in the country and cross-border cooperation between startups. As part of its G20 presidency, India aims to rally $1 Tn in annual investment in startups globally by 2030. Leading the Startup20 Engagement Group, India has advocated a common framework to define startups while retaining local autonomy.

The initiative aligns with India’s five-point startup definition and seeks to address issues such as access to capital, market access, talent, and inclusivity. These efforts shine light on India’s thriving startup ecosystem, which counts 108 unicorns and nearly 1 Lakh DPIIT-recognised startups.

This comes even as the Indian startup ecosystem reels under the impact of the ongoing funding winter. According to an Inc42 report, homegrown startups raised $5.4 Bn in the first half (H1) of 2023, a decline of 10% from $6 Bn during the year-ago period.