BRICS should help 100 startups scale across member markets every year: PM Modi
The Prime Minister also called on the BRICS Business Council to identify the grouping’s top 10 trade barriers and facilitate 1,000 new business partnerships annually.
Prime Minister Narendra Modi has called on BRICS countries to help 100 startups every year expand into other member markets. Speaking at the BRICS Business Forum in New Delhi on Friday, Modi asked the BRICS Business Council to work towards three goals: identify and remove the 10 biggest barriers to trade among member countries, help 100 BRICS startups expand into other member markets every year and facilitate 1,000 new business partnerships annually.
He said progress on these targets should be reviewed every year. The proposal comes as BRICS has grown into a grouping of 11 countries, accounting for close to half of the world’s population, about 40% of global GDP and more than a quarter of global trade. Modi said India, with more than 2 lakh registered startups and over 120 unicorns, could play a bigger role in taking innovation across BRICS markets. He also pointed to India’s digital public infrastructure and Unified Payments Interface, saying innovators from member countries could draw on India’s experience in building digital systems.
India pushes deeper startup cooperation within BRICS
India has also been pushing for closer startup cooperation during its BRICS chairship. In August, it proposed setting up a BRICS Incubator Network and a BRICS Startup Innovation Fund aimed at supporting innovation-led businesses and strengthening links between startup ecosystems across member countries.
Startups and emerging technologies have featured prominently in the grouping’s economic agenda this year. Commerce and Industry Minister Piyush Goyal has also called for greater cooperation in areas including startups, artificial intelligence, electronics and engineering, while urging BRICS countries to simplify regulatory procedures and improve market access.
Stronger trade and digital ties
The Prime Minister said secure sea lanes and open supply routes were important for global commerce, adding that freedom of navigation and the safety of seafarers were critical for trade. India wanted BRICS countries to deepen economic ties and create more opportunities for businesses, Modi said.
Iranian President Masoud Pezeshkian, who also addressed the forum, called for greater use of national currencies in trade among BRICS countries and closer integration of trade infrastructure. He also backed simpler trade procedures, fewer regulatory barriers and more cross-border investment by the private sector.