Indian Economy News

India Participates in the ninth BRICS Industry Ministers’ Meeting in Brasília

India participated in the ninth BRICS Industry Ministers’ Meeting held under the Chairship of Brazil on May 21, 2025, at the Itamaraty Palace, Brasília. The meeting’s theme was “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.” Industry Ministers and representatives from all BRICS members—Brazil, Russia, India, China, and South Africa—and newly inducted members Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates attended. The Joint Declaration reaffirmed a collective commitment to fostering an open, fair, and resilient global environment, reinforcing the multilateral system, and enhancing economic and social resilience amid rapid global changes.
India highlighted key initiatives such as launching the BRICS Startup Knowledge Hub in January 2025, the first dedicated platform to enhance cross-border collaboration and strengthen startup ecosystems among BRICS nations. India invited member countries to engage with the hub by sharing policy insights and innovations. Emphasising the significance of Micro, Small, and Medium Enterprises (MSMEs), India noted that 5.93 crore registered MSMEs employ over 25 crore people and contributed 45.73% of total exports in FY24. The meeting underscored the importance of deepening industrial cooperation and sustainable growth driven by innovation and Industry 4.0 technologies. India cited its Digital India campaign, which increased internet users from 251.59 million in 2014 to 954.40 million in March 2024, positioning the country as the world’s largest digitally connected democracy. India concluded by urging BRICS members to embrace collaboration, harmony, inclusiveness, and consensus—principles captured in the Sanskrit terms Sahyog, Samanjasya, Samagrata, and Sarvasammati—in all future cooperation.

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