BRICS nations emerging as important centres of global innovation and solutions. says PM Modi.

Published by: Greatfuture Info

Prime Minister Narendra Modi has said that BRICS nations are emerging as important centres of global innovation and solutions. Addressing the Leaders' Session of BRICS Business Forum at Bharat mandapam in New Delhi this evening, Mr Modi said, today, BRICS nations represent 50 per cent of the world's population, 40 per cent of its GDP and over 25 per cent of global trade. He said, 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. 

The Prime Minister said, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world. He said, BRICS nations are also emerging as key hubs for global innovation and solutions. Mr Modi said, new possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within the countries. 

The Prime Minister said, amid global uncertainties, India today offers a source of confidence for growth and stability. He called for Make in India, Innovate with India and Scale for the world. He said, at a time when trade barriers are rising across the world, India is building economic bridges. Mr Modi said, global trade can move forward only when sea lanes are secure, supply routes remain open and seafarers are safe. He said, that is why India is a steadfast advocate of freedom of navigation and the safety of seafarers. Mr Modi called upon Member countries to turn BRICS' ambition into action and the collective strength into solutions for the world. Russian President Vladimir Putin said, over the last five years, more than 40 per cent of the world's GDP has been produced by the BRICS countries. 

He said, BRICS countries account for more than half of the world's population and that is why, they have a great dynamic, vibrant, domestic markets. South African President Cyril Ramaphosa said, Global South must lead in manufacturing, Technology and value creation. 

He also raised concern over unilateral sanctions. Iranian President Masoud Pezeshkian suggested that one of the most important steps is to expand the use of national currencies in trade among the members. He said, this step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements. Brazilian Minister of Foreign Affairs Mauro Vieira said, with its recent expansion, BRICS has consolidated itself as a platform for connecting some of the world's most dynamic and prosperous economies. He said, at a time when the global economy is threatened by protectionism, economic coercion and unilateral sanctions, bringing the productive sectors closer together is more relevant than ever. In his address, Union Minister of Commerce and Industry Piyush Goyal said that during India's Chairship, BRICS has been driven by a clear purpose, to achieve more balanced trade amongst member nations and to explore expansion of trade in services across the bloc. 

He said, under the visionary leadership of Prime Minister Narendra Modi, India remains committed to ensure that this cooperation reaches those who form the backbone of the BRICS economies . Mr Goyal said, it must benefit the farmers, empower women in business and beyond and provide greater opportunities for wealth and prosperity to young entrepreneurs and MSMEs. He said, with the participation over two thousand business leaders and delegates from member countries and partner countries, this is the largest BRICS Business Forum ever held. He mentioned that the Forum has taken up issues such as non-tariff barriers, impacting global value chains, agriculture and agri-technology, services trade, women-led enterprises and the digital economy.