India Expresses Desire To Expand The Horizon Of New Development Bank

Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal chaired the " 5th meeting of BRICS Industry Ministers."

Ministers recognized the unprecedented impact of the COVID-19 pandemic particularly in the fields of trade and industry. They complimented all the COVID warriors, the doctors, nurses, paramedical staff and scientists, across all the BRICS countries, for their selfless and tireless efforts in saving our lives.

They appreciated the need for adopting the emerging new technologies in a swiftly changing world and recognized this as an important tool for modernization and transformation of industry, promotion of inclusive economic growth, thus helping BRICS national economies to meet the Sustainable Development Goals.

They agreed on the need to build human resources in line with the changing requirements accelerated by the new emerging technology to promote training and skills development of the related workforce and businesses through workshops, seminars, and exchange programs.

They reiterated their commitment to make efforts to foster open, fair, and non-discriminatory trade environment, ensure greater participation in global value chains, promote digital inclusion, assess the implications, and encourage the progressive, safe, equitable, and sustainable use of disruptive technologies for advancing growth.

They expressed their intention to collaborate with the New Development Bank (NDB). India expressed the desire to expand the horizon of NDB and resources be utilized for strengthening of social infrastructure besides promotion of Industrial sector.

The meeting concluded with the BRICS Industry Ministers reaffirming their commitment to work together as a group, complement strengths of each other, share best practices and learn from weaknesses, and move ahead in a positive and constructive manner.