Putin Pitches BRICS Economic Weight Against G7 at Delhi Business Forum

Russian President Vladimir Putin used the BRICS Business Forum in New Delhi to draw a sharp economic contrast between the emerging-economies bloc and the Group of Seven, telling delegates that BRICS now accounts for more than 40 per cent of world GDP while the G7 contributes only 29 per cent.

"The world is always changing, and this is attested to by the objective facts of the last five years," Putin said, speaking in Russian with an official translation. He described the current period as one of deep structural shifts in which established growth engines are giving way to new ones.

Prime Minister Narendra Modi, delivering the concluding address at the same event, picked up the same theme. He said BRICS nations represent half the world's population, about 40 per cent of global GDP and more than a quarter of world trade. While global GDP has expanded roughly two-and-a-half times in recent years, the combined GDP of BRICS countries has grown nearly four-and-a-half times, he added — meaning the bloc's economic strength has advanced at close to twice the pace of the rest of the world. Modi also called the Delhi gathering the largest BRICS Business Forum held so far.

Putin accuses West of distorting competition

Putin used his remarks to accuse Western powers of undermining rivals rather than competing fairly. He said those who long preached the sanctity of competition are now working to recover lost advantages, sometimes through what he called ugly forms — referring to destroyed pipelines, blocked transport corridors and seized vessels. He also criticised unilateral restrictions and the threat of secondary sanctions against countries pursuing their own interests, noting that more than 30,000 sanctions have been imposed on Russia, which he said is twice the total levied against all other nations combined. Despite that pressure, he said, Russia has strengthened its national sovereignty and is building ties with reliable partners.

Commerce Minister Piyush Goyal, opening the forum, said India's BRICS chairship has focused on more balanced trade within the grouping and on expanding trade in services, with an eye on benefits for farmers, women, young entrepreneurs and MSMEs.

Modi, Putin review strategic partnership

On the margins of the 18th BRICS Summit, Modi and Putin held bilateral talks — their second meeting this year, after their encounter in Bishkek, Kyrgyzstan, on August 31 during the SCO Summit. A statement from the Ministry of External Affairs said the two leaders reviewed progress in political, economic, defence, energy, space, skill mobility and people-to-people cooperation, and exchanged views on regional and global issues including the conflicts in West Asia and the Black Sea region, which have affected maritime trade and the safety of Indian seafarers.

Modi reiterated that dialogue and diplomacy remain the way forward in resolving conflicts and that India stands ready to assist peace efforts. Putin invited Modi to visit Russia for the 24th India-Russia Annual Summit, an invitation the prime minister accepted, with dates to be settled through diplomatic channels. The two leaders later travelled together in Putin's car — their fourth such shared ride in recent years.

BRICS, originally named for Brazil, Russia, India, China and South Africa, has expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia, bringing its full membership to 11, alongside ten partner countries.