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Union Minister of Commerce Piyush Goyal has said BRICS is the driving force of global growth and the economies in the five-member bloc are catching up with the combined GDP of G7 countries, with significant shifts in the manufacturing process. He said ‘the 21st century has witnessed significant shifts in what we manufacture, how we manufacture and for whom we manufacture’. He added ‘Manufacturing is a significant part of trade and industry and plays a pivotal role in the growth of a nation. While its dominance in the economy continues, the 21st century has witnessed a significant shift in what we manufacture, how we manufacture and what we manufacture’.

Goyal further said technology has led to not only changes in the process but also in the products of manufacturing. He said ‘there are newer products catering to evolving consumer wants, more than the need. Environmental challenges and sustainability concerns have also forced us to diversify products and processes in manufacturing in this century. Global value chains and supply chains, together with an unprecedented global market shaped by technological feats, has indeed forced us to re-imagine and re-design manufacturing of the future.’

He said an important factor to keep in mind was the shift towards the global south. He said there is a huge potential for increasing mutual trade and investments within the BRICS grouping by leveraging the complementarities in our economies.  'It is all the more important for BRICS economies to pursue sustainable development agenda since we are home to more than 40 per cent of the global population,' he said. It is important for countries to enhance their participation in Global Value Chains for higher economic growth and prosperity of their citizens.

He noted ‘Studies have shown that if a country increases its participation in global value chains by 10 per cent, its per capita income increases by up to 14 per cent’. He highlighted how India had achieved this. He added ‘India's recognition of the importance of enhancing participation in Global Value Chains is rooted in our commitment to fostering higher economic growth and securing the prosperity of our citizens. By effectively integrating ourselves into these chains, we can tap into global opportunities, accelerate our economic progress, create better livelihoods for our people, and position the country into its rightful place on the global stage.’

Goyal said India aims to increase the contribution of the manufacturing sector to the GDP, from the current 15 per cent to 25 per cent by 2030. He gave details of several projects designed to realise this objective. He said ‘Today, India stands as the largest digitally interconnected democracy globally, boasting in excess of 800 million internet users and a notable upsurge in online services.  This era, characterised by the sequence of 'reform, perform, transform' is actively moulding India's future growth trajectory’. He added said India can be a valuable investment and technology partner in Africa’s industrial development.