Prime Minister Narendra Modi on Friday highlighted the growing economic influence of the BRICS grouping, saying the combined economic strength of its member nations has expanded at nearly twice the pace of the global economy in recent years.
Speaking at the leaders’ session of the BRICS Business Forum, Modi said the grouping has become an increasingly important force in global trade, innovation and economic cooperation.
According to the Prime Minister, BRICS countries now represent around 50% of the world’s population, 40% of global GDP and more than 25% of international trade.
BRICS Economy Growing Faster Than the World
Modi pointed to the significant expansion of the BRICS economies over the past several years. While the global economy has grown by roughly two-and-a-half times during this period, the combined GDP of BRICS nations has increased by nearly four-and-a-half times.
He said this demonstrates that the economic influence of the grouping has been growing at almost twice the rate of the rest of the world.
The Prime Minister also described BRICS countries as emerging centres for innovation and practical solutions, with developments ranging from grassroots initiatives to advanced technologies.
He further noted that the scale and momentum of the grouping were reflected in the business forum being hosted by India, which he described as the largest BRICS Business Forum so far.
India Places Resilience and Innovation at the Centre of Economic Policy
Modi said India has made resilience, innovation, cooperation and sustainability central to its economic and trade strategy.
The theme of India’s BRICS chairmanship is “Building for Resilience, Innovation, Cooperation, and Sustainability.”
According to Modi, India has spent the past 12 years strengthening the foundations of its economy around these priorities.
He said the country has been working to make supply chains more diverse and dependable across key areas, including energy and technology. India is also expanding its physical infrastructure while developing capabilities in strategically important industries.
These sectors include shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
UPI Driving Digital Payments and Financial Inclusion
The Prime Minister also highlighted India’s digital transformation, particularly the expansion of the Unified Payments Interface (UPI).
He said UPI has accelerated financial inclusion and enabled digital transactions on a massive scale. According to Modi, around 50% of the world’s real-time payments now take place through the technology.
He presented India’s digital payment infrastructure as an example of how innovation can create large-scale economic opportunities while improving access to financial services.
India Focuses on Economic Connectivity Amid Rising Trade Barriers
Addressing the changing global trade environment, Modi said India was taking a different approach at a time when protectionism and trade barriers are increasing in several parts of the world.
Rather than limiting economic connections, India is working to create what he described as “economic bridges” between countries.
Modi said that since 2014, India has entered into free trade agreements with nearly 40 countries, reflecting its efforts to expand international market access and strengthen economic partnerships.
He added that India’s trade strategy is aimed at reducing barriers and creating more opportunities for businesses.
New BRICS Initiatives to Support Businesses
Modi also outlined several initiatives introduced under India’s BRICS presidency to deepen cooperation among member countries.
New cooperation networks have been established in areas including agriculture, healthcare, skills and smart grids.
The Prime Minister also highlighted initiatives designed to help startups and small businesses gain better access to markets, investment and financial resources.
These include the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund.
Modi encouraged businesses across BRICS nations to use these platforms to increase the exchange of investment, expertise and talent.
India Hosts 18th BRICS Summit
India is hosting the 18th BRICS Summit as part of its current chairmanship. The presidency is centred on the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
The agenda focuses on strengthening the grouping’s existing achievements and improving institutional effectiveness, while giving greater importance to development, sustainability and technological innovation.
India has also positioned its BRICS presidency as an opportunity to bring greater attention to the priorities and aspirations of the Global South.
The government has said it wants BRICS to continue developing as a constructive and solutions-focused platform for cooperation among emerging economies.
With its growing share of global population, economic output and trade, BRICS is increasingly playing a significant role in shaping discussions around the future of international commerce, technology and economic cooperation.