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Economy

Piyush Goyal focuses on ‘Transforming Production Systems’ at BRICS meet

August 9, 2023 11:58 AM IST

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“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”. The announcement was made by Union Minister of Commerce and Industry, Piyush Goyal who was participating in the “7th BRICS Industry Ministers’ meeting”. The meeting was hosted virtually with South Africa as the Chair on August 7, 2023.

While highlighting the transformation that has taken place in India, the Union Minister also commented on the expanding Startup India initiative that has led to the creation of nearly 100,000 startups in the country. The Union Minister focused on “Transforming Production Systems” and the support India can offer to other BRICS members and the wider international community.

The Motto of Vasudhaiva Kutumbakam

Reiterating India’s commitment to “Vasudhaiva Kutumbakam” meaning ‘The World Is One Family’, Union Minister Piyush Goyal underscored India’s commitment to being a responsible global citizen and working towards a more inclusive, tolerant and interconnected world.

It is important to note that India is presiding the G20 Summit this year and is being guided by the theme of Vasudhaiva Kutumbakam. Under the wide scope of the theme, India has highlighted and focused on global good in various areas such as climatd change, gender equality, disaster mitigation, technology and digital world, women empowerment and more.

7th BRICS Industry Ministers’ meeting

The Industry Ministers of other BRICS countries (Brazil, Russia, China and South Africa) 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 also 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.

In addition to this, 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.

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