India Proposes BRICS Incubator Network & Startup Fund

New Delhi, Aug 6 (PTI): India has proposed a BRICS incubator network and a startup innovation fund to support growth in the member countries, the commerce and industry ministry said on Thursday.

At the tenth BRICS Industry Ministers' Meeting in Jaipur, the ministers adopted a joint declaration to advance industrial growth through enhanced cooperation on MSMEs, photovoltaics, startups, and logistics.

Commerce and Industry Minister Piyush Goyal highlighted the outcomes of the extensive deliberations undertaken by an advisory group and the thematic working groups across the four priority areas identified by India.

These included the finalisation of the framework for cooperation in the SME working group, the adoption of Terms of Reference and an action plan for the working group on the photovoltaic industry, and finalisation of the action plan on innovation-led growth by startups, it said.


"India proposes BRICS Incubator Network and BRICS Startup Innovation Fund to support innovation-led growth," it said.

Member countries reaffirmed the importance of the PartNIR (Partnership on New Industrial Revolution) as a key platform for advancing practical collaboration, knowledge sharing, capacity building, and industrial innovation among BRICS members, it said.

The ministry added that India, under its BRICS Chairship, is also hosting the 16th BRICS Trade Ministers' Meeting (TMM) in Jaipur on August 7.

The meeting will bring together Trade Ministers and senior officials from BRICS Member Countries to deliberate on key issues relating to international trade and economic cooperation.