NEW DELHI, SEPTEMBER 11: Russian President Vladimir Putin on Friday asserted the growing economic weight of BRICS, saying countries in the grouping accounted for more than half of global economic growth over the past five years, compared with 18 per cent contributed by the G7.
Addressing the BRICS Business Forum in New Delhi, Putin said BRICS countries now account for more than 40 per cent of global GDP, while the G7’s share stands at 29 per cent, as the global economy undergoes “deep” and “profound” structural shifts.
“The world is always changing, and this is shown in the experience of the last five years. In the last five years, more than half of the world’s growth has been accounted for by BRICS whereas G7 has only accounted for 18 per cent,” Putin said.
He said new engines of economic growth were emerging and BRICS nations had demonstrated their readiness to work towards building a shared future.
Putin also took aim at Western competitors, saying they were closely watching BRICS and seeking to regain their competitive edge, with the rivalry sometimes taking “ugly” forms.
“We have been told that competition is sacrosanct by our Western competitors doing everything to get back their competitive edge and sometimes it has taken ugly forms,” he said.
Highlighting the economic potential of BRICS, Putin said member countries possessed “great, dynamic, vibrant domestic markets”.
He proposed establishing a new investment platform through the New Development Bank to mobilise private-sector funding for BRICS economies, saying member countries were ready to cooperate on an equal footing.
Referring to the sanctions imposed on Russia, Putin said Moscow was facing more than 30,000 sanctions, while describing the current period as one of profound global transformation.
Separately, Prime Minister Narendra Modi held talks with Putin on the sidelines of the 18th BRICS Summit and said the two leaders discussed closer trade ties and implementation of the Programme for Economic Cooperation 2030.
“Delighted to meet President Putin in Delhi, less than two weeks after our meeting in Bishkek. During today’s meeting, we talked about closer trade ties, including implementation of the Programme for Economic Cooperation 2030,” Modi said in a post on X.
He said the two sides also discussed cooperation in infrastructure, energy, technology, defence and culture, besides India’s efforts during its BRICS presidency to advance the welfare of the planet.
According to the Ministry of External Affairs, Modi and Putin reviewed bilateral cooperation across political, economic, defence, energy, space, skill mobility and people-to-people domains.
The two leaders welcomed Russia’s International Industrial Exhibition, INNOPROM India, held for the first time in India from September 9 to 11, and underlined its importance in expanding trade and industrial ties.
They also visited the exhibition and interacted with participants.
The leaders exchanged views on India-Russia engagement in multilateral forums, particularly BRICS under India’s 2026 chairship, besides discussing regional and global issues, including the conflicts in West Asia and the Black Sea region.
The conflicts have affected maritime trade as well as the safety and security of Indian seafarers.
Modi reiterated that dialogue and diplomacy were the way forward in resolving conflicts and said India stood ready to assist in peace efforts.
Both leaders agreed to remain engaged to further strengthen the Special and Privileged Strategic Partnership between India and Russia, which the MEA said continued to show resilience and growth amid geopolitical uncertainties.
