newspop
New Delhi : Addressing the BRICS Business Forum, Prime Minister Narendra Modi stated that this year marks the 20th anniversary of BRICS. When the group was launched in 2006, it comprised only four nations, today, the BRICS family including BRICS partners has expanded to 21 countries.
The PM noted that BRICS nations currently represent 50% of the global population, 40% of the global GDP, and over 25% of global trade. Furthermore, while global GDP has grown approximately 1.5 times over these years, the combined GDP of BRICS nations has increased nearly 4.5 times. This means the economic strength of BRICS has grown at roughly twice the pace of the rest of the world.
The Prime Minister remarked that BRICS nations are emerging as vital hubs for global innovation and solutions. New possibilities for innovation ranging from grassroots initiatives to frontier technologies are taking shape within our countries. The growing scale, speed, and optimism of BRICS are clearly evident among us. This forum, hosted in India, is the largest BRICS Business Forum to date.
PM Modi emphasized that global trade can only advance if maritime routes are secure, supply lines remain open, and seafarers are safe. Therefore, India is a staunch supporter of freedom of navigation and the safety of seafarers. The BRICS Women’s Business Alliance is also a key component of our vision; we want women entrepreneurs to lead our journey of development.
The Prime Minister stated that the theme of India’s BRICS presidency 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. As a result, even amidst global uncertainties, India today offers the assurance of growth and stability.
He stated that at a time when trade barriers are rising globally, India is building economic bridges. Since 2014, we have signed Free Trade Agreements with nearly 40 countries. Our approach within BRICS is also centered on reducing barriers and expanding opportunities for trade.
Report – Abhijit Tushar Bhatt (Political Editor)
