BRICS Summit: Mutual cooperation can help global post-Covid economic recovery, says PM Modi

New Delhi: Prime Minister Narendra Modi on Thursday, in his opening remarks at the virtual 14th BRICS annual summit, said the BRICS member nations have a similar approach to the governance of the global economy and mutual cooperation can make a useful contribution to the post-Covid economic recovery.

Attending the PM’s address were Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders of Brazil and South Africa. The summit is being hosted by China as the Chair for this year.

The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.

PM Modi said the structural changes undertaken in the BRICS in the last few years increased the influence of the grouping. It is a matter of happiness that membership of the New Development Bank (NDB) has increased, Modi said, adding that cooperation among the member countries has benefitted their citizens.

He said further, “By increasing connectivity between BRICS Youth Summits, BRICS Sports, civil society organisations and think-tanks, we’ve strengthened our people-to-people connect.” He said that India supports innovation across every sector, including drones, green energy and space. “By 2025, India’s digital sector value will cross USD 1 trillion valuations,” he said.

The Prime Minister noted that this year India is expecting 7.5 per cent growth. “Which makes us the fastest-growing major economy. Transformative changes are taking place in every sector of emerging New India,” he added. BRICS is a multilateral forum consisting of five major emerging economies of the world, namely Brazil, Russia, India, China and South Africa.

Published on: Friday, June 24, 2022, 12:05 AM IST