PM Modi At 16th BRICS Summit: How India’s Vision Aims To Transform Global Economic Cooperation

At the 16th BRICS Summit, Prime Minister Narendra Modi delivered a compelling address, underscoring the significance of the BRICS bloc, now representing over 40% of the world's population and approximately 30% of the global economy, with a collective economic value surpassing $30 trillion, as reported ANI.

Expressing gratitude to Russian President Vladimir Putin for the successful organization of the summit, Modi welcomed new member countries joining the BRICS family.

PM Modi's Key Address At BRICS Summit

In his remarks, Modi acknowledged the pivotal roles of the BRICS Business Council and the BRICS Women Business Alliance in fostering economic collaboration among member nations. He emphasized the importance of the consensus reached on key issues this year, including World Trade Organization (WTO) reforms, agricultural trade facilitation, resilient supply chains, e-commerce, and the establishment of special economic zones. Modi stressed that these initiatives would significantly enhance economic cooperation within the group while also advocating for the interests of small and medium-sized enterprises.

Among the notable developments discussed was the launch of the BRICS Startup Forum, a proposal initiated during India's chairmanship in 2021, set to take off this year. Modi highlighted India's Railway Research Network initiative, which aims to bolster logistics and supply chain connectivity across BRICS nations.

Further reinforcing the spirit of collaboration, Modi congratulated Dilma Rousseff, President of the New Development Bank (NDB), for the bank's growth over the past decade as a vital resource for the Global South. He reiterated that the NDB should operate on a demand-driven basis while prioritizing sustainable financial practices, healthy credit ratings, and market access.

In his speech, Modi pointed out the special emphasis placed on infrastructure development within BRICS nations. He introduced the 'Gatishakti' portal, designed to enhance multimodal connectivity in India by facilitating integrated planning and implementation, ultimately reducing logistics costs. He expressed eagerness to share India's experiences with other BRICS members.

Modi also advocated for financial integration among BRICS countries, promoting local currency trading and simplified cross-border payments to strengthen economic ties. He celebrated the success of India's Unified Payment Interface (UPI), which has been adopted in various countries, including the UAE.

On health security, Modi highlighted the BRICS Vaccine R&D Centre established in 2022, reinforcing the importance of collective health initiatives. He offered to share India's successful digital health experiences with BRICS partners.

Climate change, a shared priority for BRICS, was also addressed, with Modi welcoming the consensus on the Open Carbon Market Partnership under Russia's chairmanship. He reiterated India's commitment to green growth through initiatives such as the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, and the "Ek Ped Maa Ke Naam" campaign. Modi extended an invitation to BRICS partners to join India in these important initiatives, emphasizing the collective responsibility in tackling climate challenges.

As the summit concluded, PM Modi's remarks encapsulated the spirit of collaboration and mutual support that defines BRICS, paving the way for a more interconnected and resilient future among its member nations.

Prime Minister Narendra Modi stated, "India is wholeheartedly dedicated to enhancing cooperation within BRICS. Our strength lies in our diversity and multipolarity, and this shared commitment to humanity will pave the way for a prosperous and strong future for generations to come. I extend my warmest wishes to President Lula of Brazil as he takes on the role of the next BRICS president. India will fully support you in making your presidency a success."