New Delhi

Noting that India is building economic bridges while trade barriers are rising globally, Prime Minister Narendra Modi on Friday said that the country has made supply chains across sectors more diversified and offers the assurance of growth and stability even amidst global uncertainties.

Speaking at Leaders' Session of BRICS Business Forum, PM Modi said BRICS nations are emerging as important centres of global innovation and solutions.

He also said that global trade can move forward only when sea lanes are secure, supply routes remain open and seafarers are safe. 

PM Modi said the theme of India’s BRICS chairmanship is 'Building for Resilience, Innovation, Cooperation, and Sustainability.' 

“Over the past 12 years, India has made this mantra the foundation of its economic and trade policies. Regarding resilience, India has made supply chains spanning sectors from energy to technology more diversified and reliable. It is a result of this resilience that, even amidst global uncertainties, India today offers the assurance of growth and stability. We are rapidly expanding our roads, railways, ports, and airports,” he said. 

“Simultaneously, we are building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals, and biotechnology...India’s Unified Payments Interface (UPI) has given fresh momentum to financial inclusion and digital transactions on a massive scale. Today, 50% of the world's real-time payments take place using this technology," he added. 

PM Modi said BRICS has expanded significantly since its launch in 2006, with its family of members and partners now comprising 21 countries.

“A very warm welcome to all of you to the BRICS Business Forum. This year, we are celebrating 20 years of BRICS. When this group was launched in 2006, it comprised only four countries. Today, our family, consisting of BRICS members and partners, has grown to 21 countries,” PM Modi said.

The Prime Minister said BRICS nations represent half of the world's population, 40 per cent of global GDP and more than 25 per cent of global trade.

“Today, BRICS nations represent 50% of the world's population, 40% of its GDP, and over 25% of global trade. 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,” he said.

“In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world. New possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within our countries. The growing scale, speed, and optimism of BRICS are clearly evident among us,” he added. 

PM Modi also said the forum being hosted in India was the largest BRICS Business Forum to date.

The BRICS Business Forum is a flagship platform of the grouping and brings together business leaders, Ministers and Heads of State to discuss trade, investment, finance, technology and development.

The forum's agenda includes intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value-chain integration.

The Leaders' Session was attended by BRICS leaders, Chairs of the BRICS Business Council and the BRICS Women's Business Alliance. PM Modi also joined the dignitaries for a group photograph.

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India is hosting the 18th BRICS Summit on September 12-13.