BRICS Economic Weight, Global Choke Point Risks And Energy Supply Security

The International Monetary Fund has lauded India's economic performance, highlighting that real gross domestic product grew by 7.8 per cent in the second quarter. According to the international financial institution, this growth rate exceeded initial staff projections and consensus estimates among global economic observers. The upward trend was primarily propelled by stronger than expected activity across the services sector and robust export performance. The data underscores the resilience of the Indian economy despite global energy price shocks, reinforcing the nation's position as a key growth engine for the world economy. Discussions also noted India's position as the fastest growing economy within the BRICS bloc, contrasting with growth stresses observed in other major economies. The report counters domestic debates and scepticism regarding national growth figures, which have been corroborated by both the Ministry of Statistics and Programme Implementation and international bodies.

India is set to drive the diplomatic agenda ahead of the BRICS Summit in Delhi, with Prime Minister Narendra Modi holding a series of high-level bilateral meetings. Russian President Vladimir Putin arrived in Delhi, with talks focusing on defence, energy, and trade partnerships following their earlier meeting in Bishkek. Chinese President Xi Jinping is scheduled to arrive ahead of the summit. Iranian President Masoud Pezeshkian is also arriving in Delhi for bilateral discussions amid escalations in West Asia and threats to maritime energy chokepoints, including the Strait of Hormuz and Bab el-Mandeb. Prime Minister Modi will additionally hold bilateral talks with United Nations Secretary-General António Guterres and Indonesian President Prabowo Subianto. As the summit approaches, discussions highlight India's diplomatic position in engaging global leaders, supporting peace, and representing the Global South in an evolving multipolar world order.

India is hosting the 18th BRICS Summit, welcoming world leaders including Russian President Vladimir Putin and Russian Foreign Affairs Minister Sergei Lavrov. Prime Minister Narendra Modi and President Putin are scheduled to hold their 22nd face-to-face bilateral meeting, marking their third interaction in less than a year. The key discussions focus on bilateral trade, which stands at around 60 billion dollars with a target of reaching 100 billion dollars by 2030, alongside defence ties involving S-400 missile deliveries and fifth-generation fighter aircraft considerations. The meeting takes place amid evolving geopolitical dynamics, including Western pressure, energy trade, and regional tensions in West Asia. India continues to emphasize diplomacy, dialogue, and peaceful solutions regarding the conflict in Ukraine while safeguarding its strategic and economic interests.

Indian benchmark indices opened lower, with Nifty falling around one per cent and metals and financials facing sharp selling pressure amid rising crude oil prices, surging global bond yields, and currency depreciation. The market decline reflects broad-based global weakness, higher domestic market volatility, and continued foreign institutional investor pullbacks. Alongside opening market movements, details emerged on the National Stock Exchange Initial Public Offering, with the price band set at seventeen hundred to seventeen eighty-five rupees. The offer for sale size was scaled down to 12.64 crore shares after major institutional shareholders, including State Bank of India and Bank of Baroda, reduced their proposed offloading. In corporate updates, HDFC Bank won all seven Bahrain cases concerning Credit Suisse Additional Tier 1 bond mis-selling claims after the court cited insufficient evidence. Meanwhile, Coforge shares dropped following governance clarifications regarding board evaluation reports.