NEW DELHI: Noting that the Brics grouping now represents 50% of the global population, 40% of GDP, and 25% of trade, PM Narendra Modi said Friday that their collective economic might has grown at nearly double the global pace since the bloc was formed in 2006, and called upon member countries to reduce barriers to trade and increase opportunities for businesses.In his address at the Brics Business Forum, PM also underlined the need to keep trade flowing. “Global trade can move forward only when sea lanes are secure, supply routes are open, and seafarers are safe. And, therefore, Bharat is a firm supporter of freedom of navigation and the safety of seafarers,” Modi said, his remark coming against the backdrop of disruption of traffic through Strait of Hormuz and the growing threat through Bab al-Mandab Strait, another crucial artery for India.His pitch for deeper engagement significantly contrasted the themes of 2 other key members: Russian President Vladimir Putin and Iranian President Masoud Pezeshkian.Putin, like PM, also invoked the growing economic heft of Brics members. However, he and Pezeshkian, with their countries reeling from sanctions, were resentful of the West’s continuing sway.“The world is changing… Over the past 5 years, as it has been said today – I think it was our Indonesian colleague who said it, the Brics countries accounted for over 40% of global GDP, while the contribution of Group of Seven, the so-called leading economies, although I don’t understand why they are called ‘leading’, was just 29%,” Putin said.PM Modi‘s ‘Intra-Brics trade’ call seen as aimed at US and ChinaAt a time when trade barriers are increasing, India is building economic bridges, PM Narendra Modi said, adding, “Our approach in Brics is also the same: to reduce barriers and increase opportunities for businesses.”He has been averse to Brics being turned into an anti-West bloc and has resisted the push from China, Russia and Iran for de-dollarisation. Also, his call for greater intra-Brics commerce can be seen as aimed at both US President Trump’s strong arm tariff tactics as well as a reminder of New Delhi’s contention to China that it needed to let in more Indian goods and should not weaponise supplies of equipment and raw materials needed by Indian manufacturers.“In these years, the combined GDP of Brics countries has grown by about 4.5 times while the global GDP has grown by around 2.5 times. Brics’s economic strength has grown at nearly double the pace of the world,” Modi said, pointing to the bloc comprising emerging markets and developing economies.He called upon the Brics Business Council to identify the top 10 trade barriers to be removed, while charting the growth trajectory of the Indian economy in the last 12 years since his govt took office with its focus on innovation and resilience.“Can we support 100 Brics startups every year to scale in other Brics markets? Can we develop 1,000 new partnerships among our businesses? On all these benchmarks, we have to review our progress every year. Let us turn the ambition of Brics into action and its collective strength into global solutions. Let Brics move forward and take the world forward as well.”Lauding Brics nations for becoming key centres for global innovation and solutions — from grassroots to frontier tech — he said the bloc’s growing scale, speed, and optimism are clearly visible.With the theme of India’s Brics presidency being “Building for Resilience, Innovation, Co-operation and Sustainability”, he said India has made this foundation of its economic and trade policy.India has made supply chains from energy to technology more diversified and reliable, he said, adding that it is offering confidence in growth and stability even amid global uncertainties.
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“We are rapidly expanding roads, railways, ports, and airports. Along with this, we are building new capabilities in strategic sectors such as ship-building, semiconductor, quantum, critical minerals, and bio-tech,” he said.Turning to his govt’s call to the global business for “Make in India, Innovate with India, Scale for the World”, he said the country has more than two lakh start-ups, and over 120 unicorns, which are transforming education and healthcare through AI, crossing new frontiers in defence and space, and working on green hydrogen and batteries as well.
