India proposes BRICS incubator network, startup innovation fund

India proposed the creation of a BRICS Incubator Network and a BRICS Startup Innovation Fund at the tenth BRICS Industry Ministers’ Meeting held in Jaipur, where ministers adopted a joint declaration to advance industrial cooperation across micro, small and medium enterprises (MSMEs), photovoltaics, startups and logistics. Commerce and Industry Minister Piyush Goyal said the initiatives are intended to accelerate innovation-led growth among BRICS members under the Partnership on New Industrial Revolution (PartNIR).

“A key outcome of the meeting was the adoption of the Joint Declaration, reaffirming our shared commitment to advancing practical cooperation under the BRICS Partnership on New Industrial Revolution (PartNIR) and strengthening collaboration across industrial innovation, clean energy, logistics, and resilient manufacturing,” Goyal said in a social media post.

The proposal for a BRICS Incubator Network and a BRICS Startup Innovation Fund was highlighted by the commerce and industry ministry as central measures to support collaboration on industrial innovation. The Jaipur ministerial session identified four priority thematic areas — industrial innovation, clean energy (including photovoltaics), logistics and resilient manufacturing — and relied on inputs from an advisory group and thematic working groups to shape the joint declaration.

Details from ministerial discussions and bilaterals

• The meeting was framed as the tenth BRICS Industry Ministers’ Meeting and was followed by India hosting the 16th BRICS Trade Ministers' Meeting on August 7 in Jaipur, bringing together trade ministers and senior officials to focus on international trade and economic cooperation.
• Member countries reaffirmed PartNIR as a platform for practical collaboration, knowledge sharing and capacity building in industrial innovation across BRICS nations.
• On the sidelines of the meeting, Goyal held bilateral talks with several counterparts. With Parks Tau, Minister of Trade, Industry and Competition of South Africa, he discussed signing the terms of reference for an India-SACU PTA and the early conclusion of negotiations, as well as cooperation in critical minerals, pharmaceuticals and manufacturing.
• After meeting Márcio Fernando Elias Rosa, Minister of Development, Industry, Trade and Services of Brazil, Goyal said, “We discussed ways to further strengthen our trade and economic partnership and explored opportunities for cooperation in agriculture, energy, and pharmaceuticals. We also reaffirmed our shared commitment to deepening the India–Brazil trade and investment partnership.”
• Goyal also met Khaled Hashem Ali Maher, Egypt's Minister of Industry, to discuss expanding economic cooperation and exploring joint opportunities with strong complementarities between the countries.

The joint declaration and Indian proposals aim to create institutional links—through an incubator network and a dedicated fund—that can channel expertise, early-stage support and cross-border collaboration among startups in BRICS countries. Emphasis on photovoltaics and clean energy signals an intent to pair industrial cooperation with energy transition goals.

Outlook: The next immediate step is the BRICS Trade Ministers' Meeting on August 7 in Jaipur, which could further align trade measures with the industrial priorities set out by PartNIR. Progress on the India-SACU PTA terms of reference and concrete designs for the proposed incubator network and innovation fund will determine whether the proposals translate into tangible cross-border programmes for startups, MSMEs and clean-energy manufacturers across the BRICS bloc.