Agencies | New Delhi:
Prime Minister Narendra Modi on Friday said the economic strength of BRICS nations has grown at nearly twice the pace of the rest of the world over the past several years, while underlining the grouping’s expanding role in innovation, trade and economic cooperation.
Addressing the leaders’ session of the BRICS Business Forum, Modi said BRICS countries now account for around 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade.
“While global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold,” Modi said, adding that the bloc was emerging as a major hub for global innovation and solutions.
He also highlighted the scale of the business forum being hosted by India, describing it as the largest BRICS Business Forum to date.
Modi said India had placed resilience and innovation at the centre of its economic and trade policies under its BRICS chairmanship.
“The theme of India’s BRICS chairmanship is ‘Building for Resilience, Innovation, Cooperation, and Sustainability.’ Over the past 12 years, India has made this mantra the foundation of its economic and trade policies,” he said.
Elaborating on India’s approach to resilience, the Prime Minister said the country had diversified and strengthened supply chains across sectors ranging from energy to technology.
He said India was rapidly expanding its roads, railways, ports and airports while developing capabilities in strategic areas such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
Modi also cited the Unified Payments Interface (UPI) as an example of India’s technological capabilities, saying it had given fresh momentum to financial inclusion and digital transactions on a large scale.
Addressing the changing global trade environment, Modi said India was seeking greater economic connectivity at a time when trade barriers were increasing in several parts of the world.
“Today, while trade barriers are rising globally, India is building economic bridges,” he said, adding that since 2014, India had entered into free trade agreements with nearly 40 countries.
He said India’s approach was focused on reducing barriers and expanding opportunities for businesses and investors.
The Prime Minister also highlighted several initiatives launched under India’s BRICS presidency to strengthen economic and sectoral cooperation among member countries.
He said new cooperation networks had been established in areas including agriculture, healthcare, skills and smart grids.
To connect startups and micro, small and medium enterprises with markets and finance, India has also launched initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund.
“These cooperation frameworks” could help strengthen the exchange of investment and talent among BRICS nations, Modi said.
India is hosting the 18th BRICS Summit under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
The chairship places emphasis on strengthening existing BRICS mechanisms while promoting development, sustainability, innovation and institutional effectiveness.
India has also positioned its BRICS presidency as an effort to amplify the aspirations of the Global South and strengthen the grouping as a constructive, solutions-oriented platform for international cooperation.
Modi’s address underscored India’s emphasis on using BRICS not only as a platform for dialogue among emerging economies but also as a mechanism for expanding trade, investment, innovation and practical economic cooperation among member countries.
