Economic Power Distribution and Global Developments Evaluated at BRICS Summit in New Delhi
Vladimir Putin and Narendra Modi emphasized that BRICS countries' contribution to global GDP exceeds 40 percent, comparing it with the G7.
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi met at the BRICS Business Forum held in New Delhi to discuss structural changes in the global economy and the increasing share of member countries.
Economic Share Ratios Between BRICS and G7
Russian President Vladimir Putin stated that BRICS countries have generated more than 40 percent of the global gross domestic product over the past five years.
Putin emphasized that the G7 countries' share in the global economy remained at the level of 29 percent, highlighting that economic balances in the world are shifting.
Criticism of Western Economic Policies and Sanctions
In his speech, Putin claimed that Western countries resort to methods such as the destruction of pipelines and the blockade of international corridors in order to prevent competition.
He noted that despite tens of thousands of restrictions applied against Russia, the country has strengthened its national sovereignty and developed ties with reliable partners.
Indian Prime Minister Modi's Emphasis on Population and Trade
Indian Prime Minister Narendra Modi stated that BRICS countries represent 50 percent of the world's population and more than 25 percent of global trade.
Modi announced that while global GDP grew approximately two and a half times during this period, BRICS economies recorded a growth close to four and a half times in total.
Bilateral Meetings and Call for Diplomacy
The leaders met on the sidelines of the 18th BRICS Summit in New Delhi to review steps for cooperation in political, economic, defense, and energy fields.
Prime Minister Modi reiterated that dialogue and diplomacy are the only way to resolve global conflicts, stating that India is ready to support peace efforts.