Prime Minister Narendra Modi delivered a powerful address at the BRICS Business Forum hosted at the iconic Bharat Mandapam in New Delhi. During his speech, the Prime Minister emphasized the need for deeper economic integration among the member states. He specifically called for the establishment of 1,000 new business partnerships to catalyze growth across the bloc. Modi argued that the removal of existing trade barriers is essential for the collective prosperity of the group.
The Prime Minister proposed a structured approach to track these economic milestones. He suggested that progress on trade targets and partnership creation should be reviewed annually to ensure accountability and momentum. This call for action comes as India positions itself as a central hub for global manufacturing and digital innovation. The forum served as a precursor to the 18th BRICS Summit, highlighting the shift toward a more multipolar economic order where emerging markets take the lead in setting global agendas.
- Trade target of $100 billion — India and Russia aim to reach this bilateral milestone by 2030
- 1,000 new partnerships — A goal set to foster collaboration between small and medium enterprises
- Annual progress reviews — A mechanism proposed to ensure trade barriers are consistently reduced
On the sidelines of the forum, Prime Minister Modi held a significant bilateral meeting with Russian President Vladimir Putin. A major highlight of their discussion was the ambitious goal to achieve $100 billion in bilateral trade by the year 2030. Modi conveyed that India is ready to assist in peace efforts, referring to the ongoing global conflicts, while also focusing on energy security and defense cooperation.
The camaraderie between the two leaders was visible as they shared a ride in President Putin's armored limousine, often described as a "fortress on wheels." They traveled from their bilateral talks to the venue of INNOPROM, a major industrial exhibition. In a gesture of cultural outreach, Modi gifted a Russian translation of the Thirukkural to Putin.
Earlier in the day, Prime Minister Modi met with Iranian President Masoud Pezeshkian. The two leaders reviewed the volatile situation in West Asia. The arrival of the Iranian leader in the national capital for the BRICS summit provided a timely opportunity to discuss regional connectivity. Modi expressed India's commitment to a stable and peaceful Middle East, which is vital for global energy markets and the safety of the Indian diaspora.
The BRICS summit in Delhi occurs under the shadow of growing Western pressure regarding India's ties with Russia. However, the Indian government has maintained its stance of strategic autonomy. China also signaled a cooperative tone, with Foreign Ministry spokesperson Mao Ning stating that Beijing would "properly handle" differences with India to ensure the summit's success and implement the strategic guidance of their respective leaders.
Economic discussions were further bolstered by a meeting between Finance Minister Nirmala Sitharaman and Russian Deputy Prime Minister Manturov. Their talks focused on deepening financial cooperation and investment, which remain the backbone of the India-Russia economic relationship. As the BRICS group expands, the focus remains on creating a resilient financial architecture that can withstand global shocks. The Prime Minister's targets for business partnerships are seen as a practical step toward this goal of collective self-reliance.
