New Delhi: Russian President Vladimir Putin highlighted the growing economic influence of BRICS, saying the grouping has accounted for more than 40 per cent of global GDP over the past five years, compared with 29 per cent for the G7.
Speaking at the BRICS Business Forum in New Delhi, Putin said the figures reflected major changes taking place in the global economy. He argued that emerging economies are increasingly becoming new engines of global growth as the traditional economic powers lose some of their earlier dominance.
Putin also criticised Western economic policies, accusing Western countries of using sanctions and other measures to restrict competitors. He pointed to disruptions involving pipelines, international transport routes and maritime shipping, while also highlighting the large number of sanctions imposed on Russia.
He said Russia had continued to strengthen its economy and international partnerships despite the restrictions, relying on its businesses, scientific institutions, education system, engineering capabilities and workforce.
Prime Minister Narendra Modi also highlighted BRICS’ growing importance during his address at the forum. He said BRICS countries now account for around 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of international trade.
Modi noted that while the global economy has expanded significantly, the combined economic strength of BRICS has grown at a substantially faster pace. He also described BRICS nations as emerging centres for innovation and new technological solutions.
The BRICS Business Forum, which brings together business leaders, investors and policymakers from member countries, focused on expanding economic cooperation and creating new opportunities for trade and investment.
Earlier, Modi held bilateral talks with Putin on the sidelines of the BRICS Summit. The two leaders discussed cooperation in areas including trade, defence, energy, space, skills and people to people ties, besides regional and global developments.
Putin also invited Modi to Russia for the next India Russia Annual Summit, an invitation that the Prime Minister accepted. Dates for the visit will be finalised through diplomatic channels.
