Prime Minister Narendra Modi emphasised the increasing economic significance of BRICS nations during his address at the leaders’ session of the BRICS Business Forum. He noted that these nations collectively represent 50 per cent of the global population, 40 per cent of the world’s GDP, and over 25 per cent of international trade. Modi remarked that while global GDP has expanded approximately two-and-a-half times, the combined GDP of BRICS countries has surged nearly four-and-a-half times in the same period.

The Prime Minister highlighted the group’s pivotal role in fostering global innovation and economic cooperation. He expressed that BRICS countries are emerging as essential hubs for innovative solutions, with initiatives spanning sectors from grassroots to advanced technologies. This forum, hosted in India, has been noted as the largest BRICS Business Forum to date, reflecting the growing significance of the grouping on the world stage.

Modi reiterated that the economic strength of BRICS has ascended at nearly twice the rate of the global economy. He affirmed the potential of these nations to be key players in addressing various global challenges, showcasing their resilience and collaborative spirit in uncertain times.

India’s Vision For Resilience And Innovation

During his address, the Prime Minister detailed India’s commitment to resilience and innovation, which form the cornerstone of the country’s trade and economic policies. He stated that the theme of India’s BRICS chairmanship is “Building for Resilience, Innovation, Cooperation, and Sustainability.” Since 2014, India has adopted this mantra as the foundation of its economic strategies, focusing on fostering sustainable growth through collaboration and innovative practices.

In terms of infrastructure development, Modi outlined India’s efforts to enhance its capabilities across various critical sectors, including energy, technology, and biotechnology. He noted that substantial investments are being made to upgrade roads, railways, ports, and airports, as well as to build new competencies in areas such as quantum technology and critical minerals.

Modi also discussed India’s Unified Payments Interface (UPI), which has revolutionised financial transactions and contributed significantly to digital inclusion. According to him, UPI accounts for 50 per cent of the world’s real-time payment transactions, demonstrating India’s leadership in the digital finance space.

Strengthening Global Trade Relations

Amid rising global trade barriers, Prime Minister Modi stated that India is proactively working to establish economic connectivity. Since 2014, India has entered into free trade agreements with nearly 40 nations, underscoring its commitment to reducing trade impediments. He reiterated that India’s approach focuses on opening avenues for businesses and enhancing cooperative frameworks within BRICS.

Under India’s BRICS presidency, several initiatives have been launched to bolster cooperation among member countries. These include the BRICS Incubator Network, the BRICS MSME Portal, and the BRICS Startup Innovation Fund, designed to facilitate the exchange of investment and talent across nations. Modi encouraged participants to leverage these platforms to maximise opportunities for collaboration.

Lastly, the Prime Minister remarked that the current BRICS chairship aims to amplify the voices of the Global South while reinforcing the significance of the grouping as a constructive and solutions-oriented forum. India’s focus remains on effectively addressing development, sustainability, and innovation throughout its chairmanship, ensuring that these elements are central to the agenda moving forward.

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