External Affairs Minister S. Jaishankar addressed the BRICS Business Forum in Delhi on Friday, setting the stage for the BRICS Summit 2026 which is scheduled to commence this Saturday. During his address, the minister provided a comprehensive overview of the current global landscape, characterizing it as a period of significant upheaval and transformation. He noted that the world is currently witnessing large-scale changes in both political and economic systems, leading to a state where instability, uncertainty, and complexity have become commonplace occurrences in the international arena.
Global Instability and Economic Impact
Dr. Jaishankar emphasized that the meeting is taking place at a critical juncture, while he pointed out that the world around us is grappling with the economic consequences of geopolitical conflicts, pandemics, and climate-related challenges. These factors have collectively contributed to a volatile environment where traditional certainties no longer hold. The minister highlighted that the ability to anticipate, adapt, and respond to these rapidly changing circumstances has become more crucial than ever before for nations and businesses alike.
Technology as a Driver of Growth
The External Affairs Minister also spoke extensively about the role of technology in the modern world. He stated that technology has always been intrinsically linked to economics and geopolitics. In the current era, rapid digitalization and technological advancements are opening new pathways for growth, productivity, and progress. He specifically mentioned Digital Public Infrastructure, Artificial Intelligence, Fintech, and Advanced Manufacturing as sectors that offer immense opportunities. However, he also cautioned that these advancements bring about questions regarding access, standards, security, and trust that must be addressed collectively.
India's Leadership in Innovation
Under India's leadership, there has been a concerted effort to strengthen the innovation and entrepreneurship ecosystem. Dr, while jaishankar detailed specific initiatives such as the BRICS Incubator Network, designed to connect startups and incubators across member nations. On top of that, he mentioned the BRICS Startup Innovation Fund, which aims to support innovation-based entrepreneurship. These initiatives are part of a broader strategy to create a resilient economic environment where risks and opportunities are expanding simultaneously.
Piyush Goyal's Call for Open Markets
Joining the forum, Union Minister of Commerce and Industry Piyush Goyal highlighted the economic weight of the BRICS bloc. He noted that BRICS currently accounts for approximately one-fourth of the world's total trade. Minister Goyal emphasized that India serves as a vital pillar in the trade conducted between BRICS nations. He pointed out that engineering goods and electronics constitute the largest share of India's manufactured exports. Also, he reminded the forum that India is widely recognized as the pharmacy of the world, providing essential medical supplies globally.
Regulatory Ease and Mutual Cooperation
Minister Goyal made a strong appeal to the member and partner countries of BRICS to open their markets further. He urged them to work together towards simplifying regulatory processes and ensuring the rapid clearance of consignments. By positioning India as a reliable partner, he expressed the intent to reach every corner of the world with Indian products. The minister stressed that mutual cooperation and the removal of trade barriers are essential for the collective growth of the BRICS nations in this era of global economic shifts.