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 urged BRICS countries to help 100 startups annually expand into other member markets at the BRICS Business Forum in New Delhi. The BRICS Business Council is tasked with identifying and removing the 10 biggest barriers to trade among member countries, facilitating 1,000 new business partnerships annually, and helping 100 BRICS startups expand into other member markets each year.
The progress on these targets should be reviewed annually. India, boasting over 2 lakh registered startups and over 120 unicorns, could play a larger role in taking innovation across BRICS markets. Modi highlighted India's digital public infrastructure and Unified Payments Interface as valuable resources for innovators from member countries.
The proposal for stronger startup cooperation aligns with India's BRICS chairmanship agenda, which includes setting up a BRICS Incubator Network and a BRICS Startup Innovation Fund. India has also advocated for closer cooperation in areas such as startups, artificial intelligence, electronics, and engineering during its chairmanship.
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