Addressing the largest-ever BRICS Business Forum held in New Delhi, Prime Minister Narendra Modi marked 20 years of the group’s journey by calling on member nations to convert shared ambition into concrete global solutions.
Highlighting BRICS’ expansion into a 21-country family, the Prime Minister detailed a vision centered on economic resilience, tech-driven innovation, and reduced trade barriers.
Reflecting on two decades of growth, PM Modi noted that while the global GDP has grown two-and-a-half times since 2006, the combined GDP of BRICS nations has expanded four-and-a-half times—growing at nearly twice the rate of the world economy. Today, the grouping represents over 50 percent of the global population, 40 percent of world GDP, and a quarter of global trade.
Anchored in Resilience and High-Tech Frontiers
Under the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” PM Modi emphasized that India has embedded these principles into its trade policies over the past 12 years. By diversifying supply chains spanning energy to technology, India has secured stable economic growth despite global headwinds.
The Prime Minister highlighted rapid infrastructure expansion alongside strategic advancements in cutting-edge industries:
- Infrastructure Expansion: Accelerated development of highways, railways, maritime ports, and airport logistics.
- Frontier Sectors: Deepening capabilities in shipbuilding, semiconductor fabrication, quantum computing, critical minerals, and biotechnology.
- Global Call: Reiterating India’s economic value proposition—“Make in India, Innovate with India, and Scale for the World.”
Startup Momentum and Digital Inclusion at Population Scale
Focusing on India’s booming innovation ecosystem, PM Modi pointed to the nation’s over 200,000 startups and 120+ unicorns solving global challenges across AI, Green Hydrogen, defense, space, and healthcare. He encouraged member states to visit the “BRICS Bharat Innovates Expo” to witness these solutions firsthand and take them to international markets.
A cornerstone of India’s transformation is Digital Public Infrastructure (DPI). The Prime Minister showcased the Unified Payments Interface (UPI), which now processes 50 percent of the world’s real-time digital payments. He invited BRICS innovators to build customized financial inclusion solutions on top of India’s open digital infrastructure.
Actionable Roadmap for the Third Decade
Addressing global economic challenges, PM Modi stressed that while international trade barriers are rising, India continues to build bridges—having signed free trade agreements with nearly 40 countries since 2014. He reiterated the importance of secure sea routes, safe seafarers, and freedom of navigation to protect global trade flows.
To propel BRICS into its third decade, PM Modi challenged the BRICS Business Council with three annual progress metrics:
- Identify and Remove Barriers: Publish a targeted report to eliminate the top 10 trade barriers across BRICS nations.
- Scale High-Impact Startups: Directly support 100 BRICS startups annually to expand into other member markets.
- Expand B2B Synergy: Foster thousands of new business partnerships across emerging sectors.
Concluding his address, PM Modi celebrated the participation of over 200 women business leaders in the BRICS Women’s Business Alliance, reiterating India’s commitment to driving inclusive, women-led growth across the Global South.