Prime Minister on Friday urged BRICS to translate its growing economic influence into stronger investment and business ties, while stressing that secure sea lanes, open supply routes and the safety of seafarers were vital for global trade.
Modi pushes for secure sea lanes, stronger supply chains and business partnerships
Addressing the BRICS Business Forum in India, Modi called on the grouping to set measurable goals for reducing trade barriers and expanding business activity across member economies. He proposed identifying and removing the bloc’s top 10 trade barriers, helping 100 BRICS startups expand into other member markets every year, and creating 1,000 new business partnerships annually.
“We must review our progress on these three parameters every year,” he said.
Modi said the expanded BRICS grouping had acquired considerable economic weight, with member countries and partners accounting for around half of the world’s population, 40 per cent of global and more than a quarter of global trade.
Over the past two decades, the combined GDP of economies had grown around four-and-a-half times, compared with a roughly two-and-a-half-fold increase in global GDP, he said.
The Prime Minister said the challenge now was to turn that economic strength into concrete opportunities for businesses, investment and innovation.
At a time when trade barriers were increasing globally, said India was seeking to build “economic bridges”. He noted that India had entered into free-trade agreements with nearly 40 countries since 2014.
“Our approach within BRICS is the same: to reduce barriers and expand opportunities for businesses,” he said.
Modi also underlined the importance of secure maritime routes at a time when wars and tensions have disrupted trade and energy supplies through key sea lanes.
“Global trade can only progress if sea lanes are secure, supply routes remain open, and seafarers are safe. Therefore, India is a staunch supporter of freedom of navigation and the safety of seafarers,” he said.
His remarks came against the backdrop of conflicts in different regions that have affected shipping and supply chains, while attacks on Indian ships during the conflict and the abduction of Indian seafarers by pirates have also raised concerns over maritime security.
Modi placed infrastructure and strategic technologies at the centre of India’s pitch to global businesses, saying the country was rapidly expanding its roads, railways, ports and airports while simultaneously developing capabilities in sectors ranging from shipbuilding and to quantum technology, critical minerals and biotechnology.
“Simultaneously, we are building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals, and biotechnology. In these areas, India is emerging as a hub of new opportunities for global businesses,” he said.
Presenting India as both a manufacturing base and a technology partner, Modi said, “Make in India, Innovate with India, and Scale for the World.”
He also highlighted India’s growing startup ecosystem, saying the country now has more than 200,000 startups and over 120 unicorns.
“Our startups are transforming education and health care through AI, working on and batteries, and breaking new ground in the defence and space sectors. Now, we must take these world-class innovations to global markets through BRICS as well,” he said.
Modi said India had strengthened the resilience of its supply chains across sectors, from energy to technology, making them more diversified and reliable despite global uncertainty.
He also pushed for greater BRICS cooperation through India’s digital public infrastructure, highlighting the scale of the Unified Payments Interface.
On the Unified Payments Interface (UPI), he said at present 50 per cent of the world’s real-time payments take place using this technology.
“We have provided an open ecosystem to the industry and startups to develop new solutions on this digital layer. We are proud that many countries are adopting this world-class ecosystem from India. Innovators from BRICS nations can also leverage this experience to create new solutions for their own countries,” he said.
Under India’s chairship, initiatives including the BRICS incubator network, BRICS MSME portal and BRICS Startup Innovation Fund are aimed at strengthening cooperation, alongside new networks in , health care, skills and smart grids.
Modi’s pitch placed the emphasis on converting BRICS’ expanding economic weight into tangible trade, investment, technology and business opportunities across member economies.