PM Modi in intense conversation with close ally and friend Russian President Vladimir Putin

Prime Minister Narendra Modi addressed the Leaders’ Session of the BRICS Business Forum at Bharat Mandapam in New Delhi, emphasising that India is building economic bridges at a time when trade barriers are rising globally.

He highlighted India’s growing network of free trade agreements, noting that the country has entered into agreements with nearly 40 nations since 2014. Modi underlined that this approach is strengthening economic cooperation within BRICS and beyond.

The Prime Minister pointed out that BRICS nations now account for 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade. He explained that while global GDP has grown around 2.5 times, the combined GDP of BRICS nations has expanded nearly 4.5 times.

He remarked that the economic strength of BRICS has grown at nearly twice the pace of the rest of the world, signalling the grouping’s increasing clout in the global economy.

Modi stressed the importance of secure global trade routes, stating that progress in global trade is possible only when sea lanes are secure, supply routes remain open and seafarers are safe. He reaffirmed India’s strong support for freedom of navigation and the safety of seafarers.

The Prime Minister also highlighted the role of women in the BRICS economy, describing the BRICS Women’s Business Alliance as a key part of India’s vision. He said India wants women entrepreneurs to lead the growth story, noting that around 200 women business leaders participated in the alliance’s meeting held in India.

Modi emphasised that BRICS nations are emerging as hubs for global innovation and solutions. He said India’s BRICS presidency has established cooperation networks in areas such as agriculture, health, skills and smart grids.

India has promoted initiatives including the BRICS Incubator Network, the BRICS MSME Portal and the BRICS Start-Up Innovation Fund. These programs aim to connect start-ups and MSMEs with markets, finance and talent, thereby strengthening the entrepreneurial ecosystem across BRICS.

The Prime Minister observed that the growing scale, speed and optimism of BRICS are evident in its expansion. From four founding members in 2006, the grouping has grown into a family of 21 member and partner countries.

He concluded by reiterating that the economic strength of BRICS has grown nearly twice as fast as that of the rest of the world, underlining its rising influence in shaping the global economic order.

Agencies