BRICS backs startup incubator network, considers innovation fund in New Delhi Declaration

The BRICS countries, including Brazil, Russia, India, China, and South Africa, have endorsed the establishment of a startup incubator network during the New Delhi Declaration at the 18th BRICS Summit. This declaration, adopted on September 12 and 13 under India's chairmanship, also ponders the potential creation of a BRICS Startup Innovation Fund. The fund aims to fuel innovation-led growth in member countries.

BRICS leaders further endorsed the enhancement of the Startup Knowledge Hub and Startup Forum, calling for increased collaboration between startups and small businesses across member nations. Technology was a significant focus, with the declaration proposing a digital public infrastructure repository for members and pilot projects centered on digital transformation via DPI. Digital public infrastructure and goods could aid in delivering services on a large scale and broadening economic and social prospects.

The declaration also emphasized the importance of young entrepreneurs and researchers, calling for their greater involvement through existing programs and a proposed virtual platform for BRICS youth startups. This platform would facilitate networking and idea-sharing among members. In the realm of artificial intelligence, BRICS nations advocated for broader access to AI resources, stressing safety, security, inclusiveness, and reliability.

Looking ahead, BRICS members agreed to enhance cooperation in quantum technologies, Industry 4.0, robotics, and advanced digital manufacturing. The grouping also pushed for faster and cheaper cross-border payments, with the BRICS Payment Task Force studying interoperability between payment systems and local currency trade settlements and investments.

Access to finance for smaller businesses was another priority, with BRICS countries supporting credit assessment frameworks for export-oriented MSMEs using diverse data sources to improve risk assessment and formal finance access.

The declaration also welcomed the Jaipur Consensus, aiming to explore an invoice discounting mechanism for BRICS members to help MSMEs access working capital and engage more actively in international trade. Lastly, the declaration called for enhanced digitization of trade documentation, deeper cooperation on global value chains, and trade facilitation.

Collectively, these proposals demonstrate BRICS' ambition to convert broader economic cooperation into tangible initiatives around startups, digital public infrastructure, MSME financing, cross-border payments, and emerging technologies.