India fully committed to increasing cooperation under BRICS, says PM Modi at Leaders' Summit

Prime Minister Narendra Modi affirmed India's commitment to increase cooperation under the BRICS grouping while extending his best wishes to Brazil President Lula da Silva for hosting the next summit.

Lauding the role of BRICS, he further highlighted that the grouping after the inclusion of five new members has become an economy larger than $30 trillion, representing 40% of the world's humanity and 30% of the world's economy.

"In its new form, BRICS is an economy bigger than $30 trillion. BRICS Business Council and BRICS Women Business Alliance have played a special role in increasing our economic cooperation. The consensus reached within BRICS this year on WTO reforms, trade facilitation in agriculture, resilience supply chains, e-commerce, and special economic zones will strengthen our economic cooperation," PM Modi said while addressing the BRICS Leaders' Summit on Wednesday.

"Among all these initiatives, we should also focus on the interests of small and medium-scale industries. I am happy that the BRICS Startup Forum proposed during India's chairmanship in 2021 will be launched this year. The Railway Research Network initiative given by India is also playing an important role in increasing logistics and supply chain connectivity between BRICS countries," he added.

He said that India's belief in its diversity and multipolarity, and its shared belief in humanity will help in giving a meaningful shape to the prosperous and strong future of our future generations.

"India is fully committed to increasing cooperation under the BRICS. Our belief in our diversity and multipolarity is our strength. This strength of ours and our shared belief in humanity will help in giving a meaningful shape to the prosperous and strong future of our future generations. I extend my heartfelt best wishes to Brazil President Lula as the next President of the BRICS. India will give its full support to you for the success of your BRICS presidency," the Prime Minister said.

Prime Minister Modi further affirmed hope that BRICS will emerge as a "more effective medium" to face global challenges in the coming times. He also acknowledged the role of the New Development Bank in helping the Global South nations.

"I want to thank President Putin for the successful organisation of the 16th BRICS Summit. I once again heartily welcome the new colleagues associated with BRICS. In its new form, BRICS represents 40% of the world's humanity and about 30% of the global economy. BRICS has achieved many things in the last two decades. I am confident that in the coming times, this organisation will emerge as a more effective medium to face global challenges," PM Modi said.

"I congratulate Dilma Rousseff, President of the New Development Bank. In the last 10 years, this bank has been emerging as an important option for the development of the countries of the Global South. The opening of GIFT City in India has strengthened the activities of this bank... NDB should continue to work on the demand-driven principle, and while expanding the bank, priority should be given to ensuring long-term financial sustainability, healthy credit rating and market access," he added.