New Delhi, September 11: Prime Minister Narendra Modi on Friday called for stronger economic cooperation among BRICS countries, urging businesses across the grouping to reduce trade barriers, expand partnerships and help innovative start-ups enter international markets.Addressing the BRICS Business Forum 2026 in New Delhi, Modi highlighted the growing economic significance of the grouping and said BRICS has evolved substantially since its formation in 2006.
According to the figures cited by the Prime Minister, the expanded BRICS family now comprises 21 countries, representing about half of the world’s population, around 40 per cent of global GDP and more than a quarter of global trade.Modi said the combined economic output of BRICS countries has grown considerably faster than the global economy over the past two decades, reflecting the group’s increasing economic weight.
India’s BRICS presidency is centred on the theme of “Building for Resilience, Innovation, Cooperation and Sustainability”, with the Prime Minister stressing the need to make supply chains more reliable and diversified.He said India is expanding infrastructure and developing capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
Highlighting India’s start-up ecosystem, Modi said the country has more than 200,000 start-ups and over 120 unicorns. He said Indian innovators are developing solutions in areas ranging from artificial intelligence and healthcare to green hydrogen, batteries, defence and space technology.
The Prime Minister also highlighted India’s digital payments ecosystem, particularly the Unified Payments Interface (UPI), as an example of technology being implemented at population scale. He encouraged innovators from BRICS countries to use India’s experience to develop digital solutions for their own markets.
On international trade, Modi said India favours reducing barriers and creating stronger economic links between countries. He urged BRICS members to make better use of cooperation platforms covering agriculture, healthcare, skills and smart-grid technologies.He also highlighted initiatives such as the BRICS incubator network, an MSME platform and a start-up innovation fund, saying these mechanisms could help businesses access markets, finance and partnerships across member countries.
Emphasising the importance of global maritime trade, Modi said secure sea lanes, uninterrupted supply routes and the safety of seafarers are essential for the expansion of international commerce.
The Prime Minister also underlined the importance of women entrepreneurs, noting the participation of around 200 women business leaders in a meeting of the BRICS Women’s Business Alliance held in India.Modi proposed three specific goals for the BRICS Business Council.
These include identifying and working to remove the group’s top 10 trade barriers, helping 100 BRICS start-ups expand into other member markets each year, and facilitating 1,000 new business partnerships among companies from BRICS countries.He called for these targets to be reviewed annually to measure progress.
Modi concluded by urging BRICS businesses to convert the group’s collective economic strength into practical action and solutions that can contribute to global growth.The BRICS Business Forum was held ahead of the 18th BRICS Summit in New Delhi, scheduled for September 12 and 13.
