Prime Minister Narendra Modi and Russian President Vladimir Putin met in New Delhi on Friday on the sidelines of the 18th BRICS Summit. Speaking at the BRICS Business Forum after his meeting with Putin, PM Modi explained India’s growing role in the global economy. He said India is growing despite global instability and uncertainty.
“India is growing when the world is going through instability,” Modi said. “Amid global uncertainties, India today offers a source of confidence for growth and stability,” he added.
Putin also explained the growing economic weight of BRICS. He said the grouping accounts for around 40% of global gross domestic product and called for stronger business-to-business ties among member countries. “BRICS countries have great, dynamic, vibrant domestic markets,” Putin said.
Here are 10 key points:
1. India a source of global confidence, says Modi
PM Modi said India is continuing to grow even as the global economy faces uncertainty. “Amid global uncertainties, India today offers a source of confidence for growth and stability,” he said.
2. India wants to build economic bridges
PM Modi said India’s approach to global trade as trade barriers rise around the world. “Today, when trade barriers are rising around the world, India is building economic bridges,” he said.
3. Modi pushes India’s manufacturing vision
The Prime Minister stated India’s ambition to expand manufacturing and innovation. “Make in India Innovate with India Scale for the World,” he said.
4. Modi calls for stronger BRICS action
PM Modi said BRICS should turn its economic strength into practical solutions. “let’s turn BRICS’ ambition into action and collective strength into global solutions. Let BRICS move forward, and take the world forward too,” he said.
5. BRICS represents a major share of the global economy
PM Modi said BRICS represents 50% of the global population, 40% of global gross domestic product and 20% of global trade. He also said BRICS is celebrating 20 years this year and has 21 countries in the BRICS family.
6. Putin focuses on BRICS’ domestic markets
Putin said BRICS countries have large and dynamic domestic markets. “BRICS countries have great, dynamic, vibrant domestic markets,” he said.
7. Putin calls business ties the backbone of global relations
Putin stressed the importance of stronger business-to-business ties between BRICS countries. “It is evident that reliable business-to-business ties and economic partnerships are the backbone of international economic relations,” he said.
8. Modi stresses secure sea lanes
PM Modi said global trade depends on secure maritime routes and open supply chains. “Global trade can move forward only when sea lanes are secure, supply routes remain open and seafarers are safe.That is why India is a steadfast advocate of freedom of navigation and the safety of seafarers,” he said.
9. Putin criticises Western sanctions
Putin criticised countries that imposed sanctions on Russia. He said they were paying a heavy price and accused Western countries of disrupting logistics, infrastructure and trade links.
10. Putin says the global economy is shifting
Putin said the world was undergoing “deep structural and profound shifts”. “It is evident that reliable business-to-business ties and economic partnerships are the backbone of international economic relations. They help build these relations in a stronger, resilient manner. They help overcome the problems the world is facing. And right now, the world is undergoing structural, deep, profound shifts,” Putin said.