Prime Minister Narendra Modi, while addressing the BRICS summit currently being held in Delhi, has presented a strategic three-point formula or 3 mantras to further strengthen the economic cooperation among the member nations. During his comprehensive address, the Prime Minister emphasized that the BRICS nations are rapidly emerging as significant global centers for innovation and solutions. He noted that in the ever-evolving global landscape, the role of BRICS countries is becoming increasingly vital for the stability and growth of the world economy.
The Three Mantras for Economic Integration
As BRICS enters its third decade of existence, Prime Minister Modi urged the BRICS Business Council to take proactive steps. The first mantra involves the identification and removal of the top ten trade barriers between BRICS nations. The Prime Minister suggested that the council could set a record by successfully eliminating these hurdles to facilitate smoother trade flows. The second mantra focuses on the burgeoning startup ecosystem, while pM Modi proposed a support system where 100 BRICS startups could be shared and supported across other BRICS markets, fostering a cross-border entrepreneurial spirit. The third mantra aims at deep industrial and commercial ties, where the Prime Minister envisioned the development of 1000 new partnerships between businesses within the BRICS bloc. He emphasized that progress on these three specific benchmarks should be reviewed annually to ensure consistent growth and cooperation. The Prime Minister expressed his desire for BRICS to move forward and lead the world towards progress.
BRICS Economic Dominance and Growth Statistics
Highlighting the economic prowess of the group, Prime Minister Modi shared significant data regarding the global standing of BRICS. He stated that today, BRICS countries represent 50 percent of the world population, 40 percent of the global GDP, and more than 25 percent of global trade. 5 times. This indicates that the economic strength of BRICS has increased at nearly double the pace of the rest of the world, showcasing the group as a powerhouse of global development.
Vladimir Putin Criticizes G7 and Highlights BRICS Growth
Addressing the BRICS Business Forum, Russian President Vladimir Putin took the opportunity to target the G7 nations. He questioned the global economic role of the G7, pointing out that the share and influence of BRICS countries are continuously expanding. Putin emphasized that the contribution of BRICS nations to global economic growth is significant and can't be ignored. He reiterated that BRICS represents nearly half of the world's population, and its share in the global economy is on a steady rise. The Russian President noted that new centers of economic development and growth engines are emerging in the world, and the role of BRICS countries is pivotal in this shift. Despite Western sanctions, President Putin claimed that the Russian economy remains resilient and strong, further reinforcing the collective strength of the BRICS alliance.