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In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars, says PM Modi
India is fully committed to increasing cooperation under BRICS, Prime Minister Modi said at the 16th BRICS Summit in Kazan, Russia on Wednesday (October 23, 2024).
Speaking at the Open Plenary Session of the Summit, Prime Minister Modi said BRICS had achieved many milestones in the last two decades. “I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges,” he remarked.
Here are some key points highlighted by Prime Minister Modi:
1. In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars.The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.
2. This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.
3. The New Development Bank has emerged as an important option for the development needs of the countries of the Global South in the last 10 years. The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. Development projects worth about USD 35 billion have been sanctioned.
4. The BRICS Startup Forum proposed during India's presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries.
5. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled workforce for Industry 4.0 is quite significant.
6. The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India's successful experience in Digital Health with BRICS partners.
7. Climate Change has been a subject of our common priority. The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition.
8. India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam or a Tree in the name of mother. Last year, during COP-28, we started an important initiative called Green Credit.I invite BRICS partners to join these initiatives.
9. Special emphasis is being laid on the construction of infrastructure in all BRICS countries. We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs. We will be happy to share our experiences with all of you.
10. We welcome efforts to increase financial integration among BRICS countries. Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries. Last year it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.
Speaking at the Open Plenary Session of the Summit, Prime Minister Modi said BRICS had achieved many milestones in the last two decades. “I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges,” he remarked.
Here are some key points highlighted by Prime Minister Modi:
1. In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars.The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.
2. This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.
3. The New Development Bank has emerged as an important option for the development needs of the countries of the Global South in the last 10 years. The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. Development projects worth about USD 35 billion have been sanctioned.
4. The BRICS Startup Forum proposed during India's presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries.
5. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled workforce for Industry 4.0 is quite significant.
6. The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India's successful experience in Digital Health with BRICS partners.
7. Climate Change has been a subject of our common priority. The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition.
8. India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam or a Tree in the name of mother. Last year, during COP-28, we started an important initiative called Green Credit.I invite BRICS partners to join these initiatives.
9. Special emphasis is being laid on the construction of infrastructure in all BRICS countries. We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs. We will be happy to share our experiences with all of you.
10. We welcome efforts to increase financial integration among BRICS countries. Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries. Last year it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.
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