New Delhi: Prime Minister Narendra Modi on September 11, Friday positioned BRICS as an increasingly influential engine of global growth, innovation and economic cooperation. He asserted that the grouping’s economic strength has expanded at nearly twice the pace of the rest of the world.
Addressing the Leaders’ Session of the BRICS Business Forum in New Delhi, PM Modi called for resilient supply chains, secure sea lanes and stronger economic partnerships, while highlighting India’s efforts to build “economic bridges” at a time when global trade barriers, weaponisation and protectionism are rising.
Addressing the BRICS Business Forum. Strong business partnerships can open new avenues for growth, innovation and shared prosperity.@BricsIndia2026 https://t.co/EUIH6agfI2
— Narendra Modi (@narendramodi) September 11, 2026
BRICS emerges as a major global economic force
Welcoming business leaders and heads of government to the largest-ever BRICS Business Forum to date, PM Modi underlined the scale of the expanded grouping. He said that the BRICS nations now account for around 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade.
More significantly, while global GDP has expanded roughly two-and-a-half times since the grouping’s early years, the combined GDP of BRICS countries has grown nearly four-and-a-half times. “This means the economic strength of BRICS has grown at nearly twice the pace of the rest of the world”, PM Modi said, portraying the grouping as an increasingly important centre for global innovation and solutions.
The Prime Minister also noted that BRICS, launched in 2006 with four countries, has now expanded its family of members and partners to 21 countries.
India puts resilience at the epicentre of economic strategy amid global shocks
PM Modi linked India’s BRICS chairship to the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, saying these principles have shaped the country’s economic and trade policies over the past 12 years.
On resilience, he highlighted efforts to diversify and strengthen supply chains covering sectors ranging from energy to technology. India, he said, is simultaneously expanding its physical infrastructure while developing capabilities in strategic and emerging areas such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
He also pointed to the rapid expansion of digital payments through the Unified Payments Interface (UPI), saying around half of the world’s real-time payments now take place using the technology. Against the backdrop of global uncertainty, PM Modi said these initiatives have helped India offer greater confidence in growth and stability.
India is building economic bridges: PM Modi
With protectionism and trade barriers increasing worldwide, PM Modi said that India has chosen to expand rather than restrict economic opportunities. “Today, while trade barriers are rising globally, India is building economic bridges,” he said, noting that India has entered into free trade agreements with nearly 40 countries since 2014.
Under its BRICS presidency, India has also established cooperation networks covering agriculture, health, skills and smart grids. Initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund are intended to connect startups and smaller businesses with markets, finance, investment and talent across member countries.
PM Modi further stressed that the global trade can progress only when sea lanes remain secure, supply routes stay open and seafarers are safe. He linked economic prosperity directly with stability and freedom of navigation.
New engines of growth reshaping global economy: President Putin
Speaking at the BRICS Business Forum, Russian President Vladimir Putin said that the reliable business-to-business ties and economic partnerships were becoming increasingly important as the international economic order undergoes profound structural changes. He argued that the established economic powers are increasingly being complemented by new engines of global growth.
President Putin also pointed to the growing weight of BRICS in the global economy. BRICS countries contributed more than 40 per cent of global GDP over the past five years, compared with around 29 per cent for the G7, he reiterated.
He said that stronger commercial links across BRICS could make international economic relations more resilient and help countries respond collectively to global challenges.
Iran President Pezeshkian calls for ‘operational’ BRICS cooperation
Iranian President Masoud Pezeshkian said that the grouping’s real strength would be realised when its combined economic capabilities were converted into concrete mechanisms for trade, investment and financing.
He called for a transition from “potential cooperation to operational” cooperation, particularly as geopolitical uncertainty, supply-chain disruptions and the use of economic instruments for political pressure complicate the global business environment.
Brazil calls for greater BRICS integration
Brazilian Foreign Minister Mauro Vieira similarly stressed the rising economic importance of the Global South. He said the share of global GDP accounted for by low- and middle-income countries had risen from around 20 per cent in the 1960s to more than 50 per cent today.
Vieira argued that closer integration of productive sectors among BRICS nations has become particularly relevant amid protectionism, economic coercion and unilateral sanctions.
Minister Piyush Goyal highlights six-fold rise in BRICS exports
Commerce and Industry Minister Piyush Goyal highlighted the dramatic expansion of BRICS’ global trade footprint. He said that the merchandise exports from BRICS countries to the world rose from around USD 900 billion in 2003 to nearly USD 6 trillion in 2024, lifting the grouping’s share of global exports from approximately 12 per cent to nearly 24 per cent.
With more than 2,000 business leaders and delegates from BRICS members and partner countries attending, Minister Goyal said that the business forum is the largest ever organised.
He noted that discussions covered non-tariff barriers, global value chains, agriculture and agri-technology, services trade, women-led enterprises and the digital economy. The BRICS Business Council has also submitted more than 44 recommendations, while the BRICS Women’s Business Alliance has worked towards expanding the role of women-led enterprises.
Minsiter Goyal said that India’s objective was to ensure that the expanding economic cooperation benefits farmers, women entrepreneurs, startups and MSMEs. The Business Forum, held a day before the formal opening of the 18th BRICS Summit, brought together heads of state, ministers, business leaders, the BRICS Business Council and the BRICS Women’s Business Alliance.
The forum serves as a key platform for shaping the grouping’s economic agenda, particularly in areas such as intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value-chain integration.
