India offers hope for growth amid global uncertainties: PM Modi

New Delhi: Prime Minister Narendra Modi said on Friday that India is keeping up its fast pace of growth amid global uncertainties, offering a source of confidence for growth and stability.

Addressing the Leaders Session of the BRICS Business Forum alongside Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, and South African President Cyril Ramaphosa, among others, the Prime Minister said: “India is growing when the world is going through instability. Amid global uncertainties, India today offers a source of confidence for growth and stability.”

His statement came against the backdrop of India posting a 7.8 per cent GDP growth in the April-June quarter of the current financial year to remain the fastest-growing major economy in the world.

Highlighting India’s approach to global trade, PM Modi said: “Today, when trade barriers are rising around the world, India is building economic bridges.”

He highlighted India’s global manufacturing and innovation vision with the message, “Make in India, Innovate with India, Scale for the World.”

The Prime Minister said the economic strength of BRICS has grown at nearly twice the pace of the rest of the world. BRICS nations are also emerging as key hubs for global innovation and solutions.

“New possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within our countries. The growing scale, speed, and optimism of BRICS are clearly evident among us. This forum, hosted in India, is the largest BRICS Business Forum to date,” PM Modi added.

“BRICS are becoming important centres for global innovations and solutions.”

He called for greater collective action from the grouping, saying: “Let’s turn BRICS’ ambition into action and collective strength into global solutions. Let BRICS move forward, and take the world forward too.”

He further underlined the growing economic strength of the grouping, saying the grouping represents almost 50 per cent of the population globally. Elaborating further, the Prime Minister said BRICS nations make up 40 per cent of the global GDP.

“Today, BRICS nations represent 50 per cent of the world’s population, 40 per cent of its GDP, and over 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,” the Prime Minister added.

IANS