Key Highlights from Remarks of PM Modi at BRICS Leaders Summit 2024
“BRICS in its expanded form now represents 60% of the global population and approximately 30% of the world’s GDP” – PM Modi
On 23 October 2024, Prime Minister Shri Narendra Modi participated in BRICS Leaders’ Summit 2024 in Kazan, Russia. PM’s participation in the 16th BRICS Leaders’ Summit in Russia is marked by a powerful vision for a more united, prosperous, and multipolar world. His address highlighted India’s commitment to global cooperation, underscored by a series of bold initiatives and collaborations.
Here’s a snapshot of the key takeaways from PM Modi’s address, which sets the tone for the future of BRICS.
Welcoming New BRICS Members: A New Era Begins
PM Modi extended a warm welcome to the new nations joining BRICS in its expanded form. BRICs now represent 60% of the global population and 30% of the world’s economy. This expansion cements BRICS’ growing influence on the global stage, positioning it as a significant force in tackling international challenges.
Strengthening Development with the New Development Bank
The New Development Bank (NDB) has become a crucial institution for the Global South. PM Modi emphasized the role of NDB, which has approved development projects worth USD 35 billion, fostering infrastructure growth and providing critical financial support to emerging economies. He commended the opening of the Gujarat International Finance Tech (GIFT) City centre in India, boosting NDB’s activities alongside regional centres in Africa and Russia.
Driving Economic Cooperation and Innovation
Economic collaboration remains a cornerstone of BRICS’ agenda. PM Modi praised the BRICS Business Council and Women Business Alliance for promoting economic ties and announced the launch of the BRICS Startup Forum, an initiative introduced during India’s 2021 presidency. These platforms are expected to nurture innovation and entrepreneurship across member nations, with a special focus on small and medium enterprises.
Preparing for Industry 4.0
The consensus reached among BRICS members to collaborate with the United Nations Industrial Development Organization (UNIDO) is another significant milestone. This collaboration will focus on preparing a skilled workforce for Industry 4.0, reflecting BRICS’ readiness to embrace future technologies.
Leading on Climate Action and Green Growth
Climate change and sustainability were top priorities at the summit. PM Modi welcomed Russia’s BRICS Open Carbon Market Partnership and shared India’s robust initiatives for green growth, such as the International Solar Alliance and Mission LiFE (Lifestyle for Environment). India invited BRICS partners to join its “Green Credit” initiative, aimed at promoting environmentally sustainable development.
Enhancing Digital and Financial Integration
India’s leadership in digital transformation was on full display, with PM Modi advocating for greater financial integration within BRICS. He highlighted the success of the Unified Payments Interface (UPI), which has already been adopted in several countries, including the UAE, and called for more collaboration in local currency trade and cross-border payments.
A United Vision for a Multipolar Future
Concluding his address, PM Modi reaffirmed India’s commitment to BRICS and emphasized the strength of diversity and multipolarity in shaping a prosperous global future. His vision reflects a belief in shared humanity and collaboration, positioning BRICS as a key player in the evolving global order.
PM Modi’s participation at BRICS 2024 Summit underscores India’s proactive role in shaping a multipolar, inclusive, and sustainable world.
Watch PM’s full address👉 https://www.youtube.com/live/EepOWWLj8n0?si=rtOKn8P3KnYClYAv
