At BRICS Business Forum, PM Modi mentions Hormuz: 'Global trade only possible when sea routes are safe'

PM Modi further emphasised the importance of secure maritime routes and the safety of seafarers for global trade.

"Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a staunch supporter of freedom of navigation and the safety of seafarers," Modi said.

He also highlighted the role of women entrepreneurs in driving economic growth, saying the BRICS Women’s Business Alliance was an important part of India's vision.

"The BRICS Women’s Business Alliance is also a key part of our vision. We want women entrepreneurs to lead our growth story. We are delighted that around 200 women business leaders participated in the meeting of this alliance held in India,” the Prime Minister said.

India's resilience across sectors

"Regarding resilience, India has made supply chains spanning sectors from energy to technology more diversified and reliable. It is a result of this resilience that, even amidst global uncertainties, India today offers the assurance of growth and stability," he said.

"We are rapidly expanding our roads, railways, ports, and airports. Simultaneously, we are building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals, and biotechnology," he added.

BRICS nations'economic prowess

The Prime Minister highlighted the growing economic significance of the grouping, citing that the BRICS nations represent 50% of the world's population, 40% of its GDP, and over 25% of global trade.

"Moreover, while global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold. In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world. BRICS nations are also emerging as key hubs for global innovation and solutions," he added.

He further stressed that new possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within the BRICS countries.

"The growing scale, speed, and optimism of BRICS are clearly evident among us. This forum, hosted in India, is the largest BRICS Business Forum to date," he said.

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