Kazan, Russia – Prime Minister Narendra Modi, speaking at the 16th BRICS Summit in Kazan, emphasized the evolving role of BRICS on the global stage, highlighting its expanded influence and the need for the bloc to continue addressing global challenges. PM Modi underscored the new economic clout of BRICS, which now represents “40% of humanity and 30% of the global economy,” following the group’s recent expansion. The summit, hosted by Russian President Vladimir Putin, brought together leaders from Brazil, Russia, India, China, South Africa, and the newly added member countries. PM Modi’s speech, delivered amidst a backdrop of heightened geopolitical tensions and economic shifts, celebrated the accomplishments of BRICS while laying the groundwork for future collaboration.
A Strong Focus on Economic Cooperation
PM Modi, while reflecting on BRICS’ economic achievements over the past two decades, emphasized the importance of strengthening financial and economic ties within the bloc. “BRICS is now an economy worth more than $30 trillion,” he said, recognizing the role of the BRICS Business Council and the BRICS Women Business Alliance in advancing economic cooperation. He stressed that this year’s agreements on WTO reforms, trade facilitation in agriculture, resilient supply chains, e-commerce, and special economic zones will further bolster economic partnerships. He also spotlighted the role of small and medium-scale industries (SMEs) in driving economic growth. “Along with these initiatives, we must focus on the interests of small and medium-scale industries,” he added, signaling that inclusive economic growth remains a priority for India during its participation in the bloc. A key announcement during his speech was the launch of the BRICS Startup Forum, which India had proposed during its 2021 presidency. This forum is expected to foster innovation and entrepreneurship across BRICS countries. There was a mention of India’s Railway Research Network initiative, which aims to improve logistics and supply chain connectivity, as another step toward strengthening infrastructure cooperation within the bloc.
BRICS in the Global South and Beyond
PM Modi hailed the New Development Bank (NDB) for its role in supporting the Global South, with nearly $35 billion in development projects sanctioned. He lauded the opening of regional centre in India’s GIFT City, Africa, and Russia, which have boosted the bank’s activities. His remarks were in sync with BRICS’ broader goal of being a voice for emerging economies and countering Western-dominated financial institutions. On the climate front, India’s initiatives such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure were highlighted. He also emphasized the importance of digital health and offered to share India’s successful experiences in this sector with BRICS partners. “We welcome the agreement for a BRICS Open Carbon Market Partnership under Russia’s presidency,” PM Modi noted, adding that India remains committed to green growth, climate-resilient infrastructure, and green transitions.
Financial Integration and the Push for Local Currencies
One of the central themes of PM Modi’s address was the push for financial integration within BRICS, particularly the trade in local currencies and smoother cross-border payments. He praised India’s Unified Payments Interface (UPI) as a “huge success story,” pointing out that it had already been adopted by several countries, including the UAE. He suggested that UPI could be a model for BRICS nations, fostering greater economic cooperation through digital finance. “Trade in local currencies and seamless cross-border payments will strengthen our economic cooperation,” PM Modi asserted, signaling India’s intent to continue driving forward financial innovations within BRICS.
A Productive Bilateral with Xi Jinping on the Sidelines
A major point of interest during the summit was the highly anticipated bilateral meeting between Prime Minister PM Modi and Chinese President Xi Jinping. The two leaders, who had not held a formal bilateral since the Galwan Valley clash in 2020, will meet on the sidelines of the BRICS Summit, sparking hopes for further diplomatic thawing. Ahead of the summit, Indian Foreign Secretary Vikram Misri had announced the resolution of some key border issues, setting the stage for a constructive dialogue.
Looking Ahead: BRICS Under Lula’s Chairmanship
As the BRICS Summit came to a close, PM Modi congratulated Brazilian President Lula da Silva, who will take over the BRICS chairmanship for the next term. He pledged India’s full support for Lula’s presidency, indicating that India remains committed to strengthening the bloc’s role in the global multipolar order. “India is fully committed to enhancing cooperation within BRICS,” PM Modi said, adding that the diversity within the bloc, combined with its collective belief in a multipolar world, will pave the way for a “prosperous and empowered future for the next generation.”
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