In his opening remarks at the Sixth BRICS Summit in Fortaleza, Brazil, he called upon member countries of BRICS to urgently work towards addressing the challenges of "global economic weakness" and "political turmoil".
The sixth meeting of BRICS - Brazil, Russia, India, China and South Africa - leaders is being held July 15-16 in Brazil.
Recalling the beginning of the grouping, Modi said the first summit had taken place in the middle of a global economic crisis and BRICS provided an additional avenue of working for global economic recovery and stability.
The prime minister expressed India's full support in taking forward BRICS agenda.
In his meeting with the members of the BRICS business council, Modi appreciated the council's role in promoting trade and business links among member countries.
He said that economic forces were becoming increasingly important in global relationships and domains like trade, technology, tourism, talent and tradition have the power to redefine existing paradigms.
Expressing happiness over establishment of the BRICS business council last year, Modi said it is important that business leaders lead the effort in promoting trade and investment ties among the BRICS nations.
He added that India remains committed to partnering with African countries in their development initiatives.
He expressed satisfaction that the council was making concrete proposals for contributing to the growth and development of the larger African region.
Modi said that various enabling agreements and MoUs have already been signed between BRICS development banks to promote intra-BRICS trade and investment. He suggested that the council should work in close coordination with the development banks and contact group on trade and investment issues.