BRICS Business Forum
New Delhi: External Affairs Minister Dr. S. Jaishankar on September 11, Friday said that the global political and economic order was undergoing significant changes, with volatility, uncertainty and complexity emerging as defining features of the world.
Addressing the BRICS Business Forum, EAM Jaishankar said that the geopolitical conflicts, pandemics and climate-related disruptions were having economic consequences, while rapid digitisation and technological advances were creating new opportunities for growth and development.
“We meet at a time when global political and economic order is under churn. We are witnessing the economic consequences of geopolitical conflicts, of pandemics and of climate-related disruptions”, the EAM reiterated. “At the same time, rapid digitisation and technological advances are opening new possibilities for growth, productivity and development”, he further added.
“The result is an economic landscape where both risks and opportunities are becoming more widely distributed and where the ability to anticipate, adapt and respond is acquiring greater importance”, the External Affairs Minister said.
“The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships”, the EAM asserted.
The BRICS Business Forum is the grouping’s principal platform for private-sector engagement, held each year in the country hosting the BRICS Summit, immediately ahead of the Leaders’ meeting. It brings together prominent business representatives, government Ministers and Heads of State to exchange views on issues such as trade, investment, finance, technology and sustainable economic development that influence the BRICS agenda.
EAM Jaishankar further explained that, for BRICS particularly, higher economic activity and higher economic security mean greater self-reliance. The objective is to strengthen the ability to absorb shocks while remaining connected and competitive.
“That calls for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships and transparent trade and investment. It also calls for energy systems capable of coping with disruption and transition pathways that are suited to different national circumstances”, EAM Jaishankar stated.
The BRICS Business Forum contributes directly to shaping the grouping’s economic priorities. It provides an avenue for presenting the perspectives and recommendations developed by the BRICS Business Council and for bringing these proposals into discussions with policymakers.
The Forum’s outcomes, along with the Council’s recommendations, frequently inform BRICS Summit declarations and subsequent programmes of work, including initiatives aimed at expanding intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration.
The BRICS Summit will begin on September 12, with leaders expected to discuss initiatives of India’s presidency and prospects for further strengthening the BRICS strategic partnership. India’s BRICS chairship has focused on strengthening international cooperation across trade, digital technology, finance, energy security and global governance reform.
Industry leaders and stakeholders speaking to ANI on the sidelines of the BRICS Business Forum stated that the expanded bloc cements India’s growing economic standing and capability on the global stage amid shifting geopolitical dynamics.
With international trade within the bloc reaching the one-trillion-dollar mark, stakeholders observed that India’s economic momentum, domestic growth trajectory and focus on energy self-reliance place the country in a pivotal position to guide future cooperation across the Global South.
Assocham President Nirmal Kumar Minda noted that the expansion of the bloc into an 11-member framework brings high potential across sectors like semiconductors, artificial intelligence and digital solutions, while advocating for balanced commerce
Vice President of the Association of Hospitality Professionals Welfare (India), Anupam Vohra, said that the presence of multiple global leaders, positions India firmly at the international high table, noting that the grouping represents a significant share of the world population and an alternative economic framework. Vohra also highlighted India’s resilience against international disruptions, remarking that the nation remains one of the fastest-growing major economies despite global conflict and financial pressures.
Puran Dawar, Chairman of Dawar Footwear Industries and Co-Chairman of the Assocham National MSME Council, stressed that the focus for domestic manufacturers rests on concrete commercial outcomes, foreign investment, and job creation for youth. “This growth of 7.8%, we want to see it in double digits. We want the country to be financially free, we want to be economically independent,” he said.
Reveille Energy Managing Director and Founder Ex-Colonel Rohit Dev noted that India’s aspirational energy expansion hinges on building manufacturing capacity, advancing biofuels and securing financial infusions to meet long-term net-zero goals.
(With Inputs from ANI)
