Business leaders from BRICS counties today pitched for creation of 'angel investor network' within the grouping to encourage innovative startups.
Onkar S Kanwar, chairman of the BRICS business council on the sidelines of the 8th BRICS Summit said,
We have recommended creation of a BRICS angels network which can help talented young entrepreneurs across the BRICS countries to create an ecosystem of startups.
He said this initiative of promoting entrepreneurship will boost innovation in the 5-nation group, which comprises Brazil, Russia, India, China and South Africa. The network is one of the key recommendations of the council for strengthening economic and financial cooperation among member countries.
Asked if creating a dedicated venture investment fund was also on cards, Kanwar declined to give a direct reply but later said that having a development bank of BRICS countries was also an idea which materialised successfully (in the shape of the New Development Bank).
Among other recommendations, the council has suggested bilateral agreements among the countries on the social security front for workers moving from one member country to another.
It also plans to seek the Shanghai based New Development Bank's support for setting up infrastructure development facility which will provide assistance across the entire process till project completion.
The council has also made a pitch for settling trade in local currencies rather than depending on foreign ones. Other recommendations deal with cooperation on agri business, energy, skill development and manufacturing.
The theme of India’s BRICS Chairmanship is Building Responsive, Inclusive and Collective Solutions and the host country is looking forward to adopt a five-pronged approach including the following:
- (i) Institution building to further deepen, sustain and institutionalise BRICS cooperation;
- (ii) Implementation of the decisions from previous Summits;
- (iii) Integrating the existing cooperation mechanisms;
- (iv) Innovation, i.e., new cooperation mechanisms; and
- (v) Continuity, i.e., continuation of mutually agreed existing BRICS cooperation mechanisms.
Earlier in the day, DIPP Secretary Ramesh Abhishek announced Rs 2000 crore credit guarantee fund for startups. Today at BRICS Summit, India and Russia have signed defence deals worth Rs 43,000 crores and have mutually agreed to enhance cooperation for space programmes and smart cities schemes.