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Piyush Goyal chairs meeting of BRICS Industry Ministers; calls for expanding NDB's horizon

Piyush Goyal chairs meeting of BRICS Industry Ministers; calls for expanding NDB's horizon

Goyal said BRICS countries' adaptability to new and emerging technologies like Internet of Things, Artificial Intelligence, and other processes and systems will determine the success of their efforts to embrace Industry 4.0

Commerce and Industry Minister Piyush Goyal (Source:PTI) Commerce and Industry Minister Piyush Goyal (Source:PTI)

Commerce and Industry Minister Piyush Goyal on Wednesday chaired the fifth meeting of BRICS Industry Ministers and called for expanding the horizon of New Development Bank (NDB).

Goyal said that BRICS countries' adaptability to new and emerging technologies like Internet of Things, Artificial Intelligence, 3-D Manufacturing and other processes and systems will determine the success of their efforts to embrace Industry 4.0, which will play a crucial role in helping the BRICS economies in achieving the Sustainable Development Goals.

However, it is essential to manage transition to new technologies in line with national policies and legislation. This understanding is at the heart of the BRICS cooperation agenda, Goyal was quoted as saying in a government release. He said adoption of new technologies by MSMEs would play a crucial role in achieving the target of inclusiveness.

Goyal called for expanding the horizon of NDB and for utilising its resources for strengthening social infrastructure, especially for funding service delivery in education and health sector, besides promotion of infrastructure and industrial sector.

During the meeting, Goyal said India has been been working towards channelising technology and has leveraged existing platforms and digital technologies such as Aadhar and UPI payments, along with online systems like COWIN and digital vaccination certificates being widely successful.

“Today, as India’s manufacturing sector is gaining momentum, we are striving to produce goods of highest quality standards. Further, India has improved its rank from 142 to 63, a leap of 79 ranks, during the last 5 years in the World Bank’s Doing Business Report. This has not only brought “Ease of Doing business” but has translated into “Ease of Living” for our citizens too,” he said.

The BRICS ministers called for the need to adopt emerging new technologies, recognising it as an important tool for modernisation and transformation of industry, and promotion of economic growth. They also committed to play a constructive role towards the promotion of IPR, and expressed their intention to collaborate with NDB, the release said.

The meeting concluded with the ministers committing to work together as a group, share best practices and move ahead in a positive and constructive manner to achieve the 2030 agenda for sustainable development.

This year, India chose the theme of 'Intra BRICS Cooperation for Continuity, Consolidation and Consensus' for its chairship.

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