Russian President Vladimir Putin has highlighted the remarkable economic transformation of the BRICS nations, revealing that the bloc now contributes around 40% of global GDP in purchasing power parity terms. Speaking at the 29th St. Petersburg International Economic Forum, Putin emphasized that BRICS countries now account for more than one-third of global high-tech exports, demonstrating their technological leadership in the global economy. According to Putin's address, during the existence of BRICS, its share of global merchandise trade has more than doubled, while intra-BRICS trade has already exceeded $1 trillion. The Russian President noted that 49% of global GDP growth in recent years has come from BRICS countries, positioning these nations as major forces in global economic transformation.
Russian President Vladimir Putin has recognized India as a key strategic partner during his address at the Saint Petersburg International Economic Forum. According to reports from the forum, Putin highlighted India's growing influence in the digital economy, positioning the country as one of the foremost players in the global software industry. Speaking at the high-profile forum, Putin was unambiguous in his admiration while addressing questions about India's remarkable rise as a global economic power, stating that India is one of the leading economies of the world that shows the highest rates of economic growth. Putin specifically credited Prime Minister Narendra Modi's leadership for India's economic achievements, describing the growth trajectory as 'a result of the hard work that the government has been doing under the leadership of Prime Minister Modi'. As reported by the forum, Putin emphasized that India accounts for a significant share of the global software market and praised the country's technology sector achievements.
Putin highlighted Russia's long-standing defence relationship with India, emphasizing that 'Our relations with the Indian friends are specific, thanks to our mutual trust'. The Russian President revealed that experts from both countries are working on the design of the mid-range missile BrahMos, demonstrating the depth of bilateral cooperation beyond traditional trade. Putin specifically addressed the fifth-generation Sukhoi Su-57 aircraft, stating that 'We offered that we should do that together. Well, it didn't work out, but we did it on our own, and we stand ready to sell Su-57'. He described the Su-57 as 'a very good aircraft, probably the most modern one, the most up-to-date in the world as of now'. This cooperation extends to joint research and development projects that go beyond simple trade relationships.
In a strong statement of support, Putin warned that any attempt to undermine India's sovereignty through 'threats of sanctions' would 'boomerang immediately' under Prime Minister Modi's leadership. According to the forum, Putin stated that 'India always acts as a sovereign country, and under the leadership of Prime Minister Modi, any potential threats of sanctions would boomerang immediately'. Putin revealed that he has been in close talks with Prime Minister Modi for a long period, recalling the time when the Indian leader was banned from entering the United States. As reported by the forum, Putin noted that 'Now that he is (the) prime minister, all the sanctions have been eliminated, and the relationship between the US and India is developing successfully as far as I understand'. When asked about potential US sanctions if India acquired Russian defence systems, Putin emphasized that 'India is a sovereign country, and it is free to choose those products that they consider to be most up to date and most applicable for them'.
Putin outlined ambitious targets for Russia-India trade, signalling that Moscow views New Delhi as an indispensable economic partner. According to the forum, 'We hope that in the upcoming years we will reach 100 billion US dollars in mutual trade', building on the current level of 58-60 billion US dollars. The Russian President pointed to ongoing energy cooperation as a cornerstone of that relationship, specifically referencing the Kudankulam Nuclear Power Plant currently under construction. Putin added that 'New platforms will emerge in terms of hydrocarbons' and committed to continuing joint work in energy sectors. Putin emphasized that 'Russia's cooperation with India, just like with all other partners, is not subject to the political environment', stating that 'We can't be dictated... Nobody can dictate to us, and nobody would even try to do that'. The forum also highlighted growing cooperation within BRICS, with Uzbekistan President Shavkat Mirziyoyev noting that the portfolio of joint Russia-Uzbekistan projects now exceeds $50 billion.
