Indian Prime Minister Narendra Modi has made it amply clear that BRICS countries should take advantage of opportunities offered by his nation's growing economy, India's former Ambassador to Russia, D. Bala Venkatesh Varma, has told Sputnik India.
"Prime Minister Narendra Modi's speech at the BRICS Business Forum highlighted both the challenges and opportunities for BRICS countries in the current international environment," noted Varma, who served as New Delhi’s envoy to Moscow between 2019 and 2021.
Noting that India was one of the fastest-growing major economies amid global economic headwinds, Ambassador Varma underscored the point that “resilient and reliable supply chains are of interest to all”—the BRICS nations as well as the larger global community.
“PM Modi's speech highlighted that India turned challenges during the Covid pandemic into opportunities and offered BRICS to take advantage of these possibilities,” Varma emphasized.
The BRICS Summit is being held against the backdrop of coordinated efforts by western countries to de-risk the supply chains away from China, in the wake of Covid-related disruptions and the US-China geopolitical tensions.
China, for its part, has continued to maintain its position as a top trading partner of the US, EU as well as of the BRICS nations.
What Did Modi Tell the BRICS Business Forum?
Addressing the BRICS Business Forum, Prime Minister Modi said that India was on the path of becoming a $5 trillion economy.
“There is no doubt that in the coming years, India will be the growth engine of the world,” he said.
The Prime Minister underlined that his government has taken policy measures to improve “Ease of Doing Business”, reduce the compliance burden, and open up critical sectors such as defense and space to foreign investors.
Modi also noted during his remarks that New Delhi has “made a significant leap” in the realm of “financial inclusion”.
“Today, millions of people in India receive Direct Benefit Transfers with just a click. Over 360 billion dollars’ worth of such transfers have been made so far,” the Indian leader stated.
Modi also highlighted that his government has made record investments in ramping up the country’s infrastructure, noting that nearly $120 billion had been allocated in the federal budget this year.
He expressed confidence that these investments laid a “strong foundation for a new India of the future”.
“I invite all of you to be a part of India's journey of development. Mutual trust and transparency are crucial for this,” Modi told the BRICS gathering.