BRICS rising, G7 losing ground? Putin, PM Modi highlight shifting global economic power

Speaking at the forum, Putin said the world was going through "structural, deep, profound shifts", with emerging economies increasingly driving global growth.

Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday highlighted the growing economic and strategic importance of BRICS as they addressed the Leaders' Session of the BRICS Business Forum in New Delhi, with both leaders pointing to the bloc's increasing contribution to the global economy.

Speaking at the forum, Putin said the world was going through "structural, deep, profound shifts", with emerging economies increasingly driving global growth.

"Right now, the world is undergoing structural, deep, profound shifts. It is explained by the fact that the so-called old leaders, which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth," Putin said.

He added that the traditional economic powers still retained major advantages, including strong infrastructure, technological capabilities and scientific institutions, but said economic leadership was naturally changing.

"The world is always changing," the Russian President said.

Putin also pointed to the growing share of BRICS in the global economy. He said that over the past five years, BRICS countries had accounted for more than 40 per cent of the world's GDP, compared with 29 per cent for the G7.

"Speaking about the growth of the world economy over the same period, we see that more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%," Putin said.

He attributed the bloc's economic momentum largely to its population and domestic markets.

"BRICS countries account for more than half of the world's population and that is why, they have a great dynamic, vibrant, domestic market," he said.

PM Modi highlights BRICS' growing economic strength

Prime Minister Modi, meanwhile, said BRICS had expanded significantly since its launch in 2006 and now comprised 21 countries, including members and partner nations.

"A very warm welcome to all of you to the BRICS Business Forum. This year, we are celebrating 20 years of BRICS. When this group was launched in 2006, it comprised only four countries. Today, our family, consisting of BRICS members and partners, has grown to 21 countries," PM Modi said.

He said BRICS nations now account for 50 per cent of the world's population, 40 per cent of global GDP and more than 25 per cent of global trade.

"Moreover, while global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold," PM Modi said.

"In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world."

PM Modi also highlighted the bloc's growing role in technology and innovation, saying BRICS countries were emerging as important centres for solutions ranging from grassroots initiatives to frontier technologies.

He said the business forum being hosted by India was the largest BRICS Business Forum to date.

India pitches resilience, innovation and digital growth

PM Modi said India's BRICS chairmanship was guided by the theme, "Building for Resilience, Innovation, Cooperation, and Sustainability".

"Over the past 12 years, India has made this mantra the foundation of its economic and trade policies," he said.

On resilience, PM Modi pointed to India's efforts to diversify and strengthen supply chains across sectors ranging from energy to technology.

He said India was rapidly expanding its roads, railways, ports and airports while building capabilities in strategic areas such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.

PM Modi also highlighted the role of the Unified Payments Interface (UPI) in expanding financial inclusion and digital transactions.

"Today, 50% of the world's real-time payments take place using this technology," he said.

PM Modi, Putin discuss conflicts, bilateral ties

Earlier on Friday, PM Modi met Putin on the sidelines of the 18th BRICS Summit in New Delhi. The two leaders discussed bilateral cooperation as well as regional and global developments, including the conflicts in West Asia and the Black Sea region.

The conflicts have had an impact on maritime trade and the safety and security of Indian seafarers. PM Modi reiterated India's position that dialogue and diplomacy remain the way forward in resolving conflicts and said New Delhi was ready to assist in peace efforts.

The two leaders shared a warm hug before beginning their meeting, their second interaction this year. They had previously met on the sidelines of the 26th SCO Summit in Bishkek on August 31.

According to the Ministry of External Affairs (MEA), PM Modi and Putin reviewed progress in bilateral cooperation across political, economic, defence, energy, space, skill mobility and people-to-people ties.

They also welcomed Russia's International Industrial Exhibition, INNOPROM India, which was held in India for the first time from September 9 to 11. The leaders visited the exhibition and interacted with participants, underlining its importance in strengthening trade and industrial ties.

The two leaders also discussed India-Russia cooperation in multilateral forums, particularly BRICS under India's 2026 chairmanship.

Both sides agreed to remain engaged in further strengthening the Special and Privileged Strategic Partnership between India and Russia, which the MEA said had continued to grow despite geopolitical uncertainties.

Putin invites Modi to Russia

Putin also invited PM Modi to Russia for the 24th India-Russia Annual Summit. PM Modi accepted the invitation, with the dates to be decided through diplomatic channels based on mutual convenience.

At the beginning of their meeting, PM Modi presented Putin with a Russian translation of Thirukkural, the celebrated work of Tamil poet and philosopher Thiruvalluvar.

"Presented President Putin with a Russian translation of the Thirukkural, which carries the eternal wisdom of the great Thiruvalluvar across languages and borders," PM Modi posted on X.

The two leaders had earlier met in Delhi for the 23rd India-Russia Annual Summit in December 2025. During their August 31 meeting in Bishkek, they had also welcomed the outcome of the 27th India-Russia Inter-Governmental Commission on Trade, Economic and Cultural matters, held in Moscow on August 24.

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