Prime Minister Narendra Modi called on BRICS nations to support 100 startups annually so they can enter the markets of other member countries. Speaking at the BRICS Business Forum in New Delhi on Friday, Modi appealed to the BRICS Business Council to achieve three goals.
These goals include identifying and eliminating the ten most significant obstacles to trade between member countries, assisting 100 BRICS startups in expanding into the markets of other group members each year, and promoting the creation of 1000 new business partnerships annually. He emphasized that progress on these tasks should be reviewed every year.
This proposal comes against the backdrop of BRICS growing to an alliance of 11 countries, which account for nearly half of the world's population, about 40% of global GDP, and over a quarter of world trade. Modi noted that India, with over 200,000 registered startups and more than 120 unicorns, can play a more significant role in spreading innovation across BRICS markets.
He also pointed to India's digital public infrastructure and Unified Payments Interface, stating that innovators from member countries can leverage India's experience in building digital systems. India is actively promoting closer startup cooperation within its BRICS presidency. In August, the country proposed establishing a BRICS Incubator Network and a BRICS Startup Innovation Fund, designed to support innovation-based enterprises and strengthen connections between startup ecosystems in member countries.
Startups and new technologies hold a prominent place in the group's economic agenda this year. Commerce and Industry Minister Piyush Goyal also called for enhanced cooperation in areas such as startups, artificial intelligence, electronics, and engineering, strongly recommending that BRICS nations simplify regulatory procedures and improve market access.
The Prime Minister stated that ensuring safe sea lanes and open supply routes is crucial for global trade, adding that freedom of navigation and maritime safety are critical for commerce. Modi expressed his desire for BRICS nations to deepen economic ties and create more business opportunities.
Iranian President Masoud Pezeshkian, who also spoke at the forum, called for broader use of national currencies in trade between BRICS countries and for closer integration of trade infrastructure. He also supported simplifying trade procedures, reducing regulatory barriers, and increasing cross-border private sector investment.