Modi, Putin and Pezeshkian share the BRICS stage as global economic equations begin to shift. (Img: Google)
New Delhi: The 18th BRICS Summit has emerged as a major platform for discussions on the future of global trade, financial systems and economic partnerships, with Prime Minister Narendra Modi, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian outlining their vision for a changing world economy.
At the BRICS Business Forum Leaders’ Session in New Delhi, the three leaders stressed the need for stronger economic cooperation, secure trade routes, resilient supply chains and greater financial flexibility among emerging economies.
The discussions come at a time when the global economy is witnessing geopolitical tensions, protectionist trade policies, supply chain disruptions and debates over the dominance of traditional financial systems.
India, which is hosting the summit under its 2026 BRICS chairship, positioned the grouping as a platform for economic cooperation, innovation and greater representation of developing nations.
Prime Minister Narendra Modi highlighted the importance of maritime security and uninterrupted trade routes, stating that global commerce depends on safe shipping channels and reliable supply chains. The Prime Minister emphasised that economic growth cannot continue without ensuring freedom of navigation and protection of seafarers.
The issue has gained importance amid disruptions in major shipping routes and rising tensions in West Asia, including concerns surrounding the Strait of Hormuz, which remains a crucial corridor for global energy transportation. India reiterated its position that secure maritime connectivity is a key pillar of international economic stability.
Addressing global businesses, PM Modi presented India as a destination for growth, innovation and investment amid economic uncertainty. He highlighted India’s efforts to expand trade partnerships and said the country has entered into free trade agreements with nearly 40 countries since 2014.
The Prime Minister said India is building economic bridges at a time when global trade faces increasing barriers. Under India’s BRICS presidency theme of Building for Resilience, Innovation, Cooperation and Sustainability, New Delhi is promoting cooperation in sectors including agriculture, healthcare, skill development, smart infrastructure and emerging technologies.
PM Modi also encouraged global businesses to participate in India’s growth journey through the vision of Make in India, Innovate with India and Scale for the World.
One of the biggest discussions at the forum revolved around strengthening financial cooperation among BRICS members and reducing vulnerabilities linked to dependence on limited global currencies.
Iranian President Masoud Pezeshkian called for expanding the use of national currencies in trade between BRICS countries. He highlighted that greater use of local currencies should be supported by mechanisms for currency risk management and reciprocal settlement systems.
Pezeshkian argued that the existing financial structure remains vulnerable due to concentration around a limited number of currencies and suggested that the New Development Bank should play a bigger role in financing infrastructure and energy projects through local currency lending. The Iranian President said stronger financial mechanisms could help transform trade cooperation into actual investment partnerships.
Russian President Vladimir Putin highlighted what he described as a major transformation in the global economic landscape. Addressing the BRICS Business Forum, Putin said the world economy is witnessing deep structural changes, with emerging economies increasingly becoming new engines of growth.
He pointed out that traditional economic powers continue to hold advantages in infrastructure, technology and scientific capabilities, but said the global economic balance is shifting. Putin’s remarks came amid wider discussions within BRICS about strengthening the role of emerging markets in global economic decision-making.
During the forum, PM Modi highlighted the growing influence of BRICS countries in the international economy. He said the grouping now represents around half of the world’s population, nearly 40 per cent of global GDP and more than one-fourth of global trade.
The Prime Minister underlined that BRICS has evolved from a four-member grouping established in 2006 into a broader partnership representing major emerging economies. The expansion has increased BRICS’ economic weight while also creating new challenges in balancing diverse national interests.
PM Modi called for stronger business connectivity among BRICS nations and urged the BRICS Business Council to identify the top 10 trade barriers affecting companies. He proposed supporting around 100 startups every year to expand into BRICS markets and creating 1,000 new business partnerships.
India also highlighted initiatives including the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund to connect entrepreneurs with markets, finance and investment opportunities. The focus is to make BRICS more relevant for businesses, startups and young entrepreneurs.
Img: Google
India showcased its digital transformation as a key economic advantage during the BRICS discussions. PM Modi highlighted the success of the Unified Payments Interface (UPI) and its role in expanding financial inclusion and digital transactions.
The Prime Minister also pointed towards India’s growth in strategic sectors such as semiconductors, quantum technology, biotechnology, critical minerals and advanced manufacturing. Alongside digital expansion, India is strengthening physical infrastructure through investments in highways, railways, ports and airports.
The BRICS Business Forum brought together business leaders, ministers and policymakers to discuss trade, investment, technology and sustainable development. The forum is considered a key platform for shaping economic priorities before the BRICS Leaders’ Summit.
External Affairs Minister S Jaishankar highlighted the importance of stronger commercial partnerships, diversified trade relations and reliable supply chains among BRICS nations. South African President Cyril Ramaphosa also called for deeper cooperation among Global South countries, stressing that BRICS must move beyond traditional commodity trade and focus on technology, manufacturing and productive partnerships.
The BRICS Summit comes at a time when global power equations are undergoing rapid transformation. From trade barriers and currency debates to maritime security and technology partnerships, discussions in New Delhi reflected the changing priorities of emerging economies.
India is attempting to position BRICS as a platform focused on practical cooperation, economic growth and greater voice for the Global South. The key challenge ahead will be converting ambitious discussions into concrete partnerships, investment opportunities and long-term economic outcomes.
