Prime Minister Narendra Modi has called on BRICS countries to dismantle trade barriers, expand market access and deepen business partnerships, stressing that the grouping must convert its growing economic influence into concrete opportunities for businesses, startups and investors.
Addressing the BRICS Business Forum in New Delhi, Modi said the world is witnessing a significant transformation in the economic landscape and highlighted the expanding scale, strength and potential of the BRICS grouping.
BRICS Emerges as Major Global Economic Force
Modi noted that BRICS is marking 20 years since its establishment in 2006, when the grouping consisted of four countries. Today, BRICS and its partner countries together form a 21-country family, reflecting the bloc’s expanding international footprint.
The Prime Minister said BRICS nations now represent around half of the world’s population, about 40 percent of global GDP and more than 25 percent of global trade.
He pointed out that while global GDP has increased approximately 2.5 times over the past two decades, the combined GDP of BRICS economies has expanded around 4.5 times. According to Modi, this demonstrates the pace at which the economic influence of BRICS has grown.
The BRICS Business Forum being hosted in India, he added, is the largest such forum held by the grouping so far.
India Places Resilience and Innovation at Centre
India’s BRICS chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” Modi said these principles have been central to India’s economic and trade approach over the past 12 years.
Highlighting India’s efforts to strengthen economic resilience, he said the country has worked to diversify and make supply chains more dependable across areas ranging from energy to technology.
India is simultaneously expanding infrastructure and developing capabilities in strategic sectors, including roads, railways, ports, airports, shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
Modi positioned these developments as opportunities for international companies and urged businesses to embrace India’s broader economic vision: “Make in India, Innovate with India, and Scale for the World.”
India’s Startup Ecosystem Offers Global Opportunities
The Prime Minister highlighted India’s expanding startup ecosystem, noting that the country now has more than 200,000 startups and over 120 unicorns.
He said Indian entrepreneurs are developing solutions across artificial intelligence, education, healthcare, green hydrogen and batteries, while also advancing into areas such as defence and space.
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The BRICS Bharat Innovates Expo is showcasing some of these emerging technologies and business ideas. Modi said BRICS should help take such innovations beyond national borders and connect them with international markets.
UPI Highlights India’s Digital Innovation
Modi also pointed to the Unified Payments Interface as an example of innovation being implemented on a massive scale.
He said UPI has accelerated financial inclusion and digital transactions, while India’s open digital ecosystem has enabled startups and industry to develop new solutions around the technology.
The Prime Minister suggested that innovators from other BRICS nations could draw from India’s experience and develop digital solutions tailored to their own economies.
Modi Calls for Removing Trade Barriers
Against the backdrop of rising trade barriers around the world, Modi said India is working to create economic bridges rather than additional restrictions.
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“Barriers” should be reduced and opportunities for businesses expanded, he said, outlining India’s approach toward stronger economic cooperation within BRICS.
Under India’s chairship, new cooperation networks have been developed in areas such as agriculture, healthcare, skills and smart grids. Modi also highlighted the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund as mechanisms designed to connect startups and small businesses with markets and finance.
He encouraged businesses across BRICS countries to make greater use of these platforms and strengthen investment and talent exchanges.
Maritime Security and Women Entrepreneurs
Modi stressed that international trade can flourish only when sea routes remain secure, supply chains stay open and seafarers are protected. He reaffirmed India’s support for freedom of navigation and the safety of seafarers.
He also highlighted the BRICS Women’s Business Alliance as an important element of the bloc’s economic agenda. Around 200 women business leaders participated in the alliance’s meeting held in India, reflecting the growing contribution of women entrepreneurs to economic development.
Three Targets for Stronger BRICS Business Cooperation
Looking ahead, Modi urged the BRICS Business Council to establish measurable goals for strengthening commercial ties.
He proposed preparing a report identifying the top 10 trade barriers among BRICS countries and working toward their removal. He also suggested supporting 100 BRICS startups every year to scale into other BRICS markets and creating 1,000 new business partnerships across the grouping. Modi called for annual reviews of progress on these three targets.
He concluded by urging BRICS to transform its ambitions into action and its collective economic strength into solutions with global impact, saying the grouping should advance its own economies while also contributing to broader global growth and prosperity.
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