Russian President Vladimir Putin said that the BRICS nations – Brazil, Russia, India, China and South Africa – account for 35 per cent of the world economy and 45 per cent of the population. Putin, who has been embroiled in the Russia-Ukraine war since 2022, said it is important for the BRICS nations to showcase the rising clout of the non-Western world. There are now five more additional countries in the group.
Putin said that BRICS nations account for 35 per cent of the world economy, based on purchasing power parity. China accounts for over half of the group’s economic might.
"BRICS does not put itself into opposition to anyone. This is an association of states that work together based on common values, a common vision of development and, most importantly, the principle of taking into account each other's interests,” said Putin to reporters.
BRICS NATIONS’ ECONOMIC GROWTH
In 2024, the BRICS member countries expanded to 10 countries, including Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Saudi Arabia is yet to formally join.
BRICS’ share of the global GDP is expected to rise to 37 per cent by end of the decade, while the share accounted for by the Group of Seven major western economies is expected to decline to about 28 per cent from 30 per cent, as per International Monetary Fund.
Russia also wants BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions.
PM MODI AT BRICS
Prime Minister Narendra Modi has left for Kazan upon Russia’s invitation, where he is expected to meet Putin as well as Chinese President Xi Jinping. Brazilian President Luiz Inacio Lula da Silva will skip the event due to medical advice to temporarily avoid long-haul flights after a head injury at home that caused a minor brain hemorrhage.
PM Modi said that his visit to Kazan will reinforce the Special and Privileged Strategic Partnership between India and Russia.
“India values the close cooperation within BRICS which has emerged as an important platform for dialogue and discussion on issues concerning the global developmental agenda, reformed multilateralism, climate change, economic cooperation, building resilient supply chains, promoting cultural and people to people connect, among others,” he said.