PM Modi also dwelled on the grouping’s increasingly growing economic might, saying the combined GDP of BRICS nations grew twice as fast as the global GDP.
Prime Minister Narendra Modi used the BRICS Summit Business Forum to express a major concern that is causing anxiety among Indian seafarers.
Apparently referring to recent attacks on ships linked to India – chiefly in the Strait of Hormuz, a maritime chokepoint that has become a US-Iran battleground – PM Modi linked global trade progress to the security of sea lanes, supply routes, and seafarers.
“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,” he said.
PM Modi also dwelled on the grouping’s growing economic might, saying the combined GDP of BRICS nations grew twice as fast as the global GDP.
“Today, BRICS nations represent 50% of the world’s population, 40% of its GDP, and over 25% of global trade. Moreover, while global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold. In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world,” he said.
He said BRICS nations are also emerging as key hubs for global innovation and solutions.
“New possibilities for innovation, spanning everything 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,” he added.
The Prime Minister also stressed India’s commitment to removing trade barriers, saying New Delhi has so far entered into free trade agreements with 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,” he said.