Updated: Thu, 23 Jun 2022 07:01 PM IST
Prime Minister Narendra Modi on Thursday lauded the "mutual cooperation" between the BRICS nations (Brazil, Russia, India, China and South Africa), saying it could make a "useful contribution" in the world during the post-COVID recovery phase.
He made the remarks at the virtual BRICS annual summit in presence of Russia's Vladimir Putin, China's Xi Jinping, and top leaders of Brazil and South Africa. The summit this year is being hosted by China.
The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
During his brief address, PM Modi said the BRICS nations have a similar approach to the governance of the global economy. He also expressed happiness over the rise in membership of the New Development Bank (NDB).
"There're multiple areas wherein through cooperation between BRICS nations, the citizens have benefitted. By increasing connectivity between BRICS Youth Summits, BRICS Sports, civil society organisations and think-tanks, we've strengthened our people-to-people connect," said PM Modi said.
"BRICS members have a similar approach regarding the governance of the global economy. Our mutual cooperation can make a useful contribution to the global post-COVID recovery," PM Modi added.
This was PM Modi's second address at BRICS 2022. Earlier on Wednesday, he said the Indian economy will grow by 7.5 per cent this year. He also said that the value of India's digital economy will reach USD one trillion by 2025.
"In order to deal with the economic problems arising out of the pandemic, in India we have adopted the mantra of "reform, perform and transform. And the results of this approach are evident from the performance of the Indian economy," PM Modi had said.
"This year, we are expecting 7.5 per cent growth, which makes us the fastest growing major economy. Transformative changes are taking place in every sector in the emerging 'New India'," he added.