New Delhi, 11 September (H.S.): Prime Minister Narendra Modi said on Friday that India is building economic bridges at a time when trade barriers are increasing across the world. He said global trade can advance only when maritime routes are secure, supply routes remain open, and seafarers are safe. India is a firm advocate of freedom of navigation and the safety of seafarers.

The Prime Minister said the theme of India’s BRICS Chairmanship is “Building for Resilience, Innovation, Cooperation and Sustainability.” India has made supply chains, ranging from energy to technology, more diversified and reliable. Alongside the expansion of roads, railways, ports and airports, new capabilities are being developed in areas such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.

The Prime Minister called upon the BRICS Business Council to prepare a report identifying the top 10 trade barriers that need to be removed, help 100 BRICS startups every year expand into other BRICS markets, and facilitate 1,000 new partnerships among businesses. He said these targets should be reviewed every year.

The Prime Minister said that since 2014, India has entered into free trade agreements with around 40 countries. Within BRICS as well, India’s approach is to reduce trade barriers and expand business opportunities. During India’s Chairmanship, new cooperation networks have been established in areas such as agriculture, healthcare, skills and smart grids. Initiatives including the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund have been launched to connect startups and small and medium enterprises with markets and financing.

He said, “Today, 50 per cent of real-time payments made across the world take place through this technology. We have provided industry and startups with an open ecosystem to develop new solutions on this digital infrastructure. We are proud that several countries are adopting India’s world-class system. Innovators from BRICS countries can also draw on this experience to develop new solutions for their respective countries.”

Addressing the BRICS Business Forum, the Prime Minister said that BRICS, which began with four countries in 2006, has now grown into a family of 21 countries, including member and partner countries. BRICS countries account for around 50 per cent of the world’s population, 40 per cent of global gross domestic product and more than 25 per cent of global trade. He said that while global GDP has increased by around two-and-a-half times over the past years, the combined economies of BRICS countries have grown by approximately four-and-a-half times.

He said, “The BRICS Women’s Business Alliance is also an important part of our vision. We want women entrepreneurs to lead our development journey. We are pleased that around 200 women business leaders participated in the meeting of the alliance held in India.”

He said India has more than 200,000 startups and over 120 unicorns. Indian startups are working in areas such as artificial intelligence, education, healthcare, green hydrogen, batteries, defence and space. Referring to India’s Unified Payments Interface (UPI), he said that 50 per cent of the world’s real-time payments take place through this technology.

It may be recalled that India is chairing BRICS this year, with its priorities including strengthening economic cooperation, promoting innovation and trade, and advancing collective solutions to global challenges.

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Hindusthan Samachar / Jun Sarkar