BRICS economic output at 40%, G7 at 18%, says Putin; PM highlights rapid GDP growth

The bilateral meeting between Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian has concluded after lasting approximately 30 minutes. The discussions took place amidst escalating tensions between Iran, Israel, and the United States threatening a wider regional confrontation. For India, key priorities include safeguarding national interests, keeping diplomatic channels open with Iran, and focusing on trade, energy security, and the Chabahar Port project.

Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian have begun their bilateral meeting on the sidelines of the BRICS Summit. This marks the second meeting between the two leaders in two weeks, with escalating tensions in West Asia set to dominate the discussions. The bilateral comes amid India's diplomatic engagements at the summit, where PM Modi has already held talks with Russia and is scheduled to meet Chinese President Xi Jinping. With speeches from leaders reflecting critical messaging toward the West, the meeting highlights India's tightrope diplomacy.

Prime Minister Narendra Modi addressed the BRICS Business Forum, highlighting the growth and resilience of the economic bloc as it marks 20 years. Emphasising India's economic strength, technological advancement, and startup revolution, Mr Modi invited global leaders and businesses to partner with the country under the vision: 'Make in India, Innovate with India, Scale for the World.' He noted that BRICS countries now represent 50 percent of the world population and 40 percent of global GDP, expanding from four nations in 2006 to 21 partner nations. Underlining India's role as a trusted hub for stability and innovation, the Prime Minister highlighted landmark initiatives such as the Unified Payments Interface (UPI), green hydrogen development, and strategic supply chain diversification. Modi urged the BRICS Business Council to create a roadmap to eliminate the top ten trade barriers, scale 100 startups across member markets annually, and establish 1,000 new business partnerships to translate shared ambitions into impactful global solutions.

Addressing the BRICS business gathering, Russian President Vladimir Putin stated that emerging economies are replacing traditional global growth engines. Highlighting economic shifts, he noted that BRICS nations produced over 40% of global gross domestic product over the past five years compared to 29% from the G7, while accounting for more than half of world economic expansion. Putin highlighted business success stories across member countries, noting that 'Mahindra, a company from India, offers IT and AI-based solutions'. He remarked that 'more than 30,000 sanctions have been slapped on Russia', noting that the Russian economy grew by 10.3% across 2023 and 2024 while unemployment fell to 2.3%. Putin proposed establishing a new investment platform under the New Development Bank to secure private funding and support transport routes including the North South Transport Corridor