PM Modi Calls for Stronger BRICS Economic Cooperation, Removal of Trade Barriers and 100 Startups to Scale Across Member Markets
The Voice of Chandigarh
Prime Minister Narendra Modi called for greater economic cooperation among BRICS countries, removal of trade barriers and stronger support for startups and businesses to expand across BRICS markets.
Addressing the BRICS Business Forum, Prime Minister Modi welcomed business leaders, innovators and delegates, and highlighted the growing economic strength and global significance of the BRICS grouping.
He said that BRICS is celebrating 20 years this year. When the grouping was established in 2006, it consisted of only four countries, while today BRICS and its partner countries together form a family of 21 countries.
“Today, BRICS countries represent 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade,” Modi said. He noted that while global GDP has increased by around two-and-a-half times over the years, the combined GDP of BRICS countries has grown nearly four-and-a-half times.
He said BRICS countries are also emerging as important centres of global innovation and solutions, with new opportunities taking shape from grassroots innovation to frontier technologies.
The Prime Minister said the Forum being hosted in India is the largest BRICS Business Forum so far.
Resilience, Innovation, Cooperation and Sustainability
Highlighting India’s BRICS chairship theme — “Building for Resilience, Innovation, Cooperation and Sustainability” — Modi said India has made these principles the foundation of its economic and trade policies over the past 12 years.
He said India has diversified and strengthened its energy and technology supply chains to make them more reliable and resilient. Despite global uncertainties, India is emerging as a source of growth and stability, he added.
India is rapidly expanding its roads, railways, ports and airports, while simultaneously building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
“These sectors are making India a new centre of opportunity for global businesses,” Modi said, giving the call: “Make in India, Innovate with India, and Scale for the World.”
India’s Startup Revolution
The Prime Minister said India is witnessing a startup revolution, with more than 200,000 startups and over 120 unicorns, making the country a hub for global solutions.
He said a glimpse of India’s innovation ecosystem would be showcased at the BRICS Bharat Innovates Expo.
Indian startups, he said, are using artificial intelligence to transform education and healthcare, developing green hydrogen and battery technologies, and opening new frontiers in defence and space.
“Now, through BRICS, we must take these world-class innovations to global markets,” he said.
UPI and Innovation at Population Scale
Modi also highlighted India’s model of “Innovation at Population Scale”, particularly the Unified Payments Interface (UPI), which has accelerated financial inclusion and digital transactions.
He said around 50 per cent of the world’s real-time payments take place using this technology. India has also created an open ecosystem for industry and startups to develop new solutions on this digital infrastructure.
He said several countries are adopting India’s digital ecosystem and suggested that innovators from BRICS countries could draw on India’s experience to develop solutions suited to their own markets.
India Building Economic Bridges
At a time when trade barriers are increasing globally, India is working to build economic bridges, Modi said.
He noted that since 2014, India has entered into free trade agreements with around 40 countries. He said India’s approach within BRICS is also aimed at reducing barriers and creating greater opportunities for businesses.
Under India’s BRICS chairship, new cooperation networks have been established in areas including agriculture, healthcare, skills and smart grids.
He also highlighted initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund, aimed at connecting startups and small and medium enterprises with markets and finance.
“These cooperation frameworks can be used by all of you to increase investment and talent exchange among our countries,” Modi said.
Secure Sea Lanes Essential for Global Trade
The Prime Minister stressed that global trade can progress only when sea lanes remain secure, supply routes remain open and seafarers are safe.
He reiterated India’s strong support for freedom of navigation and the safety of seafarers.
Modi also highlighted the role of the BRICS Women’s Business Alliance, saying that women entrepreneurs should lead the growth story of BRICS countries. He said around 200 women business leaders participated in the alliance’s meeting held in India.
Modi Sets Three Targets for BRICS Business Council
As BRICS enters its third decade, Modi urged the BRICS Business Council to work towards three measurable objectives.
He asked whether the Council could prepare a report identifying the top 10 trade barriers among BRICS countries for removal.
He also proposed supporting 100 BRICS startups every year to scale their operations into other BRICS markets.
The third target, he said, should be to develop 1,000 new partnerships among businesses across BRICS countries.
“These three parameters should be reviewed every year to measure our progress,” Modi said.
Calling for stronger collective action, the Prime Minister said, “Let us turn the ambition of BRICS into action, and our collective strength into global solutions. Let BRICS move forward, and take the world forward as well.”
He concluded by thanking all the participants of the BRICS Business Forum.
