India proposes BRICS incubator network, startup fund; trade ministers' meeting today

India on Thursday proposed setting up a BRICS Incubator Network and a BRICS Startup Innovation Fund to promote innovation-led growth, as member countries adopted a joint declaration to deepen industrial cooperation at the 10th BRICS Industry Ministers' Meeting in Jaipur.

The meeting, held under India's 2026 BRICS chairship, brought together industry ministers and senior officials from member countries under the Partnership on New Industrial Revolution (PartNIR).

"India proposes BRICS Incubator Network and BRICS Startup Innovation Fund to support innovation-led growth," the commerce and industry ministry said .

The proposed BRICS Incubator Network and Startup Innovation Fund are aimed at strengthening collaboration among startups and supporting innovation-driven industrial growth across the grouping.

BRICS member nations adopted a joint declaration to deepen cooperation in MSMEs, photovoltaics, startups and logistics.

The ministers finalised a Framework for Cooperation in the SME Working Group to strengthen MSME ecosystems and adopted the Terms of Reference and an Action Plan for the BRICS Working Group on the Photovoltaic Industry, creating a structured framework for cooperation in the solar manufacturing sector.

Commerce and Industry Minister Piyush Goyal said BRICS countries should leverage their complementary strengths to build resilient industries and translate aspirations into practical innovation and cooperation.

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.

He said PartNIR has evolved into the principal platform for industrial collaboration among BRICS members and highlighted the progress achieved under India's chairship through thematic working groups.

The meeting also emphasised resilient transport and logistics systems, including GIS-based infrastructure planning and city logistics planning.

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.