During his speech highlighting the BRICS nations’ economic achievements, Prime Minister Narendra Modi also slipped in India’s concerns regarding recent attacks on ships.
To connect startups and MSMEs with markets and finance, we have launched initiatives like the BRICS Incubator Network, the BRICS MSME Portal, and the BRICS Startup Innovation Fund. “The world today is going through one of its most complex periods. At the BRICS Business Forum – which Iranian President Masoud Pezeshkian was also attending – PM Modi linked global trade progress with the security of sea lanes, supply routes and seafarers. “Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe. 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. “Our approach remains focused on reducing barriers and expanding opportunities for businesses. That is why, under our BRICS presidency, we have established new cooperation networks in sectors such as agriculture, health, skills, and smart grids. Geopolitical uncertainty, disruption in its supply chains and the increasing use of economic instruments to exert political pressure have made the economic environment in which countries operate more complex. The question is, what is BRICS response to these challenges?
“Today, BRICS nations represent 50% of the world’s population, 40% of its GDP, and over 25% of global trade. The Prime Minister also stressed India’s commitment to remove trade barriers, saying New Delhi has so far entered into free trade agreements with 40 countries.
That is why India is a staunch supporter of freedom of navigation and the safety of seafarers,” he said, apparently referring to recent attacks on ships linked to Indians, chiefly in the Strait of Hormuz, which has become a US-Iran battleground. In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world,” he said. He said BRICS nations are also emerging as key hubs for global innovation and solutions. You can all leverage these cooperation frameworks to enhance the exchange of investment and talent among our nations,” he said. We believe that the true strength of BRICS is not confined merely to the size of its members’ economies; rather, it becomes more apparent when these capacities are transformed into a network of trade, investment and joint financing – a transition from potential cooperation to operational cooperation,” he said.
