Prime Minister Narendra Modi marked the 20-year milestone of BRICS inception in 2006 during his address at the BRICS Business Forum, emphasizing the bloc's remarkable growth trajectory. According to reports from the source, Modi highlighted that BRICS nations represent 50% of the world's population, 40% of its combined GDP and 25% of global trade. The Prime Minister noted that BRICS economies are expanding at roughly twice the global growth rate, with Modi describing the bloc's 20-year journey as reflecting its growing economic influence and optimism about its future. He emphasized that "BRICS' increasing scale and optimism is clearly evident amongst us; this marks the biggest BRICS business forum convened in the bloc's history," reflecting the growing scale and significance of the grouping as it enters its third decade. As India hosts the 18th BRICS Summit on September 12-13, 2026, New Delhi now faces the challenge of demonstrating what it can achieve with this growing global weight.
Modi called on BRICS members to identify and remove their top 10 trade barriers as the grouping enters its third decade, positioning India as a source of economic solutions amid rising global trade barriers. As reported by the source, the Prime Minister urged the BRICS Council to prepare a comprehensive report on removing the top ten trade barriers among member nations. He emphasized that "As trade barriers increase the world over, India is building economic bridges," with India's approach focused on "building more opportunities" within the bloc. These initiatives aim to strengthen the bloc's economic cooperation and global competitiveness while addressing practical barriers to trade and innovation, with Modi also calling for greater participation of women entrepreneurs in the growth story and increased trade and talent mobility among member nations. With 49.5% of the world's population now represented by BRICS, the stakes are higher than ever for meaningful trade liberalization. Modi also announced that "We should review our progress on these three parameters every year: removing top 10 trade barriers, supporting 100 BRICS startups annually to scale up in other BRICS markets, and forging 1,000 new business partnerships."
Modi praised India's infrastructure growth and startup ecosystem during his address, highlighting the country's position as a global solutions hub. The Prime Minister noted that India's startup ecosystem has over 200,000 startups and 120 unicorns, demonstrating the country's growing entrepreneurial landscape. Modi emphasized that "India today is a paramount example of stability and growth," with the country "turning into a global solutions' hub" and "becoming the global's centre for development." He highlighted that "Our startups and AI are enhancing the industries of healthcare and education," reflecting India's role in technological innovation and sectoral transformation. The Prime Minister also cited the Unified Payments Interface (UPI), stating that "India's UPI has, on a population scale, given digital transaction and financial inclusion new heights," with UPI technology involved in around 50% of global payments. Modi invited BRICS innovators to draw on India's experience to develop solutions for their own countries, noting that "Now, through BRICS, we have to take these world-class innovations to global markets."
Modi called for freedom of navigation and safety of seafarers to promote global trade during his BRICS Business Forum address, emphasizing the critical importance of secure maritime routes for uninterrupted commerce. As reported by the source, he stated that "Secured sea lines, safe seafarers important for safe, seamless trade," reflecting the bloc's recognition of the critical role of sea routes in global commerce and the need for collective action to ensure their safety and accessibility. The Prime Minister also stressed that "Global trade can move forward only when sea lanes are secure, supply routes remain open, and seafarers are safe," with the emphasis on maritime security particularly relevant given recent conflicts in West Asia and the Black Sea region that have affected maritime trade and the safety of Indian seafarers. Modi noted that "India is a steadfast advocate of freedom of navigation and the safety of seafarers," with the country serving as a strong supporter of secure maritime routes for global trade. His statement comes at a time when global trade has been impacted at the Persian Gulf due to the US-Iran conflict, which is impacting economies globally.
During their more than 45-minute meeting, Modi and Russian President Vladimir Putin discussed India-Russia trade and investment ties and agreed to work towards increasing annual bilateral trade to $100 billion by 2030 from the current $65 billion, according to the Indian readout. The two leaders also agreed to strengthen their Special and Privileged Strategic Partnership and discussed cooperation in defence, critical minerals, civil nuclear energy, fertiliser supplies and people-to-people exchanges. Modi and Putin also discussed regional and global issues, including conflicts in West Asia and the Black Sea region, with Modi reiterating that "dialogue and diplomacy was the way forward in resolving conflicts" and India's readiness to assist in peace efforts. Putin invited Modi to Russia for the 24th India-Russia Annual Summit, an invitation the Prime Minister accepted, with the dates to be decided through diplomatic channels. Modi also met with Dr. Masoud Pezeshkian, the president of Iran in Delhi, revealing that "We talked about the India-Iran friendship. We believe that we should move forward with a long-term and win-win strategy." Modi also acknowledged that "The India-Russia economic partnership continues to gather momentum."
