14th BRICS summit was hosted by China
New Delhi: Prime Minister Narendra Modi on Thursday said that mutual cooperation of Brazil, Russia, India, China, and South Africa (BRICS) grouping can make a useful contribution to the global post-Covid recovery. He was addressing the 14th BRICS summit hosted by China. Chinese President Xi Jinping, Russian President Vladimir Putin, and top leaders of Brazil and South Africa were also present at the virtual summit.
In his opening remarks, PM Modi said cooperation among the member nations in several sectors has benefited our citizens. “BRICS members have a similar approach regarding the governance of the global economy,” he said.
“Our mutual cooperation can make a useful contribution to the global post-Covid recovery,” said PM Modi, adding that the structural changes undertaken in the BRICS in the last few years increased the influence of the grouping. It is a matter of happiness that membership of the New Development Bank (NDB) has increased, he said.
On Wednesday, at BRICS Business Forum, PM Modi said that the Indian economy is expected to grow by 7.5 percent this year. He said that the country’s success is based on technology-led growth with innovation and startups. Transformative changes are taking place in every sector of emerging “New India,” he said.
Chinese President Xi Jinping opened the meeting on Thursday by saying the world should oppose unilateral sanctions and efforts by some countries to maintain their political and military power.
Addressing the summit, Russian President Vladimir Putin called on the leaders of BRICS nations to cooperate in the face of “selfish actions” from the West. In televised remarks at the BRICS virtual summit, Putin said, “Only on the basis of honest and mutually beneficial cooperation can we look for ways out of this crisis situation, which developed in the global economy because of the ill-conceived, selfish actions of certain states.”
China supported the stand of Putin while India chose to remain silent on the Russian rhetoric.
BRICS consists of emerging economies China, Russia, India, Brazil, and South Africa – which account for more than 40 percent of the global population and nearly a quarter of the world’s gross domestic product.