BRICS accounts for 40% of the global GDP, says PM Modi
In his address at Business Forum , PM Narendra Modi said, "BRICS nations now account for 50% of the world’s population, 40% of global GDP and over 25% of global trade, with their combined GDP growing nearly twice as fast."
He said - BRICS nations are emerging as global innovation hubs, driving solutions from grassroots initiatives to frontier technologies.
India is hosting the largest-ever BRICS Business Forum, reflecting the bloc’s growing scale.
The Prime Minister stressed that freedom of navigation and the safety of seafarers are critical to the global economy, delivering a strong message on maritime security while addressing the BRICS Business Forum.
"Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a staunch supporter of freedom of navigation and the safety of seafarers."
"The BRICS Women’s Business Alliance is also a key part of our vision.
We want women entrepreneurs to lead our growth story. We are delighted that around 200 women business leaders participated in the meeting of this alliance held in India."
At Leaders' Session of BRICS Business Forum, PM Narendra Modi says, "Today, while trade barriers are rising globally, India is building economic bridges. Since 2014, we have entered into free trade agreements with nearly 40 countries."
"Our approach remains focused on reducing barriers and expanding opportunities for businesses.
That is why, under our BRICS presidency, we have established new cooperation networks in sectors such as agriculture, health, skills, and smart grids.
To connect startups and MSMEs with markets and finance, we have launched initiatives like
-- the BRICS Incubator Network,
the BRICS MSME Portal, and
the BRICS Startup Innovation Fund.
You can all leverage these cooperation frameworks to enhance the exchange of investment and talent among our nations."
"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."
"Regarding resilience, India has made supply chains spanning sectors from energy to technology more diversified and reliable.
"It is a result of this resilience that, even amidst global uncertainties, India today offers the assurance of growth and stability," he said almost liking sharing the Mantra for the season of Indian economy and its growth structure.
"We are rapidly expanding our roads, railways, ports, and airports. Simultaneously, we are building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals, and biotechnology...
"India’s Unified Payments Interface (UPI) has given fresh momentum to financial inclusion and digital transactions on a massive scale. Today, 50% of the world's real-time payments take place using this technology."
BRICS nations eye cross-border payments, local currency trade
“Pragmatic” and “efficient” solutions to make payments across borders were discussed by the BRICS nations.
A joint statement issued by the finance ministers and central bank chiefs of the BRICS called for the promotion of their local currencies to settle trade and make investments.
Union Commerce Minister Piyush Goyal urged the BRICS member and partner countries to link payment systems and trade in each other’s currencies.
There is “immense potential to deepen cooperation” and that trade amongst partners should be deep and resilient with diversified supply chains, Goyal said.
“…we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies ..
.... while respecting national priorities and acknowledging that there is no one-size-fits-all approach,” said the joint statement issued on Friday ahead of the two-day BRICS Leaders’ Summit.
ends
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