Expert: BRICS develops by strengthening ties between people and business
Akashdeep Singh, President of the Indian Business Council, spoke about the role of business contacts, digital technologies and small businesses in the group’s development
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Photo source: TV BRICS
People-to-people ties are one of the key elements of cooperation within BRICS. This was stated by Akashdeep Singh, President of the Indian Business Council, on the TV BRICS programme BRICSdialogue.
According to him, sustainability, innovation, cooperation and sustainable development – which India has identified as the core principles of its chairship of the group – are directly linked to interaction between people and business.
"We are launching a programme for medium-sized enterprises, which will include conferences and an awards ceremony. All this is designed to enable our companies to establish contact with one another. We will bring together businesses from all BRICS countries for meetings, discussions and dialogue. We will then recognise those who have made a significant contribution not only to the economic sphere but also to the social sphere," he said.
Separately, the president of the Indian Business Council spoke about the role of digital technologies in India’s economy. The country is home to around 118,000 start-ups and 130 unicorn companies – private organisations with a market value of over US$1 billion. According to him, digital technologies help to identify talent in a country with a population of around 1.5 billion people.
At the same time, Akashdeep Singh highlighted the contribution of other BRICS countries to digital transformation.
"China has done phenomenal work with 5G networks, robotics and artificial intelligence. Brazil, following Russia’s lead, is developing its own e-government system. South Africa is rolling out initiatives to develop digital skills. So I wouldn’t say that global digitalisation is happening thanks to India alone, but nevertheless, the country plays an important role in this process," the expert noted.
Speaking about business development, Akashdeep Singh also highlighted the "little giants" – small companies which, he said, complement large businesses and make the economy more resilient.
He also emphasised the importance of financial cooperation within the BRICS framework. According to him, in 2026, the capital of the New Development Bank was increased from US$100 billion to US$200 billion. Furthermore, Argentina and Indonesia joined the list of the bank’s member countries.
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