Narendra Modi makes 7 power points in China: From BRICS rating agency to clean energy; all you need to know

By: | Published: September 4, 2017 3:42 PM

BRICS Summit 2017: Prime Minister Narendra Modi on Monday put up seven suggestions to deepen partnership among BRICS nations.

brics summit, brics rating agency, what is brics rating agency, narendra modi, brics summit 2017, brics declaration, brics modi, narendra modi brics, china, xiamenPrime Minister Narendra Modi at the plenary session of the 9th BRICS Summit in Xiamen, China on Monday. (PTI Photo/ PIB)

BRICS Summit 2017: Prime Minister Narendra Modi on Monday put up seven suggestions to deepen partnership among BRICS nations. During his intervention at the plenary Session of 9th BRICS Summit at Xiamen in China, Modi first thanked Chinese President Xi Jinping for the “warm reception and excellent organisation” of the Summit. “After more than a decade of existence, BRICS has developed a robust framework for cooperation. We contribute stability and growth in a world drifting towards uncertainty,” Modi said, adding, “While trade and economy have been the foundation of our cooperation, our endeavours today touch diverse areas of technology, tradition, culture, agriculture, environment, energy, sports, and ICT.”

Looking ahead, Modi noted “t is important that our people remain at the centre of our journey.”

Here are the seven suggestions Modi made to help BRICS countries deepen partnership for win-win results:

    • First, last year we discussed pooling our efforts to create a BRICS rating agency. An Expert Group has since been studying the viability of such an agency. I would urge that the roadmap for its creation should be finalized at the earliest.
    • Second, our Central Banks must further strengthen their capabilities and promote co-operation between the Contingent Reserve Arrangement and the IMF.
    • Third, affordable, reliable, and sustainable access to energy is crucial for the development of our nations. Climate resilient development calls upon us to utilise all available resource streams. Renewable energy is particularly important on multiple counts. Recognizing this, India, together with France, launched a major international initiative – the International Solar Alliance (ISA) – in November 2015. It will bring together a coalition of 121 countries for mutual gains through enhanced solar energy utilisation. BRICS countries can work closely with ISA to strengthen the solar energy agenda. Our five countries have complementary skills and strengths to promote use of renewable and solar energy. The NDB can also establish an effective link with ISA to support such cooperation. We would wish to see more clean energy funding, particularly in solar energy, from the NDB.

Watch PM Narendra Modi speaks at the plenary session of BRICS Summit 2017

  • Fourth, we are nations with large youth populations. We need to mainstream our youth in our joint initiatives as far as possible. Scaled up cooperation in skill development and exchange of best practices will be a valuable instrument.
  • Fifth, at the Goa Summit last year we had exchanged thoughts on smart-cities, urbanization, and disaster-management in the context of cooperation between our cities. We need to further accelerate this track.
  • Sixth, Technology and innovation are the foundations of the next generation of global growth and transformation. India has also found that technology and digital resources are powerful tools in fighting poverty and corruption. A strong BRICS partnership on innovation and digital economy can help spur growth, promote transparency and support the Sustainable Development Goals. I would suggest considering a collaborative pilot project under the BRICS framework, including private entrepreneurship.
  • Seventh, India would be happy to work towards more focused capacity building engagement between BRICS and African countries in areas of skills, health, infrastructure, manufacturing and connectivity.

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