India welcomes financial integration, trade in local currencies in BRICS: PM Modi in Kazan

Kazan/New Delhi, Oct 23 (Agency) Prime Minister Narendra Modi on Wednesday said India welcomes efforts to increase financial integration among BRICS countries, and that trade in local currencies and smooth cross-border payments will strengthen economic cooperation among the grouping. In his address at the open plenary of the 16th BRICS Summit in Kazan, Russia, the PM also mentioned India’s Unified Payments Interface (UPI) system, and said it is a huge success story that has been adopted in many countries, including the UAE.

He said India can cooperate with other BRICS nations in the area. He said that BRICS in its new avatar, accounts for 40 per cent of the world’s population and about 30 per cent of the global economy. “In the last nearly two decades, BRICS has achieved many milestones. I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges,” the PM said. He conveyed warm greetings to Dilma Rousseff, President of the New Development Bank, and said in the last 10 years the bank has emerged as an important option for the development needs of countries of the Global South. He said the bank has sanctioned development projects worth about USD 35 billion, and NDB should continue to work on the basis of the demand-driven principle. “In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion. The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation,” the PM added. “This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.

Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.” He expressed happiness that the BRICS Startup Forum proposed during India’s presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries, he added. The PM said that the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled work force for Industry 4.0 is quite significant. The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India’s successful experience in Digital Health with BRICS partners, the PM said. Touching on Climate Change, the PM said the consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. He said India is placing special emphasis on green growth, climate resilient infrastructure and green transition, and mentioned initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam. “Last year, during COP-28, we started an important initiative called Green Credit.

I invite BRICS partners to join these initiatives,” the PM said. On the emphasis being laid on construction of infrastructure in BRICS countries, the PM said India has established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. “This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs. We will be happy to share our experiences with all of you.” “India is fully committed to increasing cooperation under BRICS. “Our strong belief in our diversity and multipolarity is our strength. This strength of ours, and our shared belief in humanity, will help in giving a meaningful shape to a prosperous and a bright future for the generations to come,” the PM added. He also extended best wishes to Brazil as the next President of BRICS. India will give its full support for the success of your BRICS presidency, he said.