Prime Minister Narendra Modi on Thursday lauded the “mutual cooperation” between the BRICS nations (Brazil, Russia, India, China and South Africa), saying it could make a “useful contribution” in the world during the post-COVID recovery phase.
At the virtual BRICS annual summit in presence of Russia’s Vladimir Putin, China’s Xi Jinping, and top leaders of Brazil and South Africa Modi Remarked on it . This year China is hosting the BRICS summit.
The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
During his brief address, PM Modi said the BRICS nations have a similar approach to the governance of the global economy. He also expressed happiness over the rise in membership of the New Development Bank (NDB).
Modi during his address also reminded how the citizens are getting benefits in multiple areas because of the cooperation between the BRICS nations. He also also said on the occasion how increased connectivity between BRICS Youth Summits, BRICS Sports, civil society organizations and think-tanks has strengthened people-to-people connection among BRICS nations.
“BRICS members have a similar approach regarding the governance of the global economy. Our mutual cooperation can make a useful contribution to the global post-COVID recovery,” PM Modi added.
This was PM Modi’s second address at BRICS 2022. Earlier on Wednesday, he had said that the Indian economy is expected to grow by 7.5 per cent this year which is making India, the fastest growing major economy. He also said that the value of India’s digital economy will reach USD one trillion by 2025.
He added that Transformative changes are taking place in every sector in the emerging ‘New India’. “In order to deal with the economic problems arising out of the pandemic, in India we have adopted the mantra of “reform, perform and transform. And the results of this approach are evident from the performance of the Indian economy,” PM Modi had said.
