Giving his concluding remarks, Prime Minister Modi talked at length about India developing new capabilities in strategic areas such as shipbuilding, semiconductors, critical minerals and its home-grown start-up revolution, but specifically, a speciality in India’s innovation story — the Unified Payment Interface — that can be adopted across countries. “UPI has given a new boost to financial inclusion and digital transaction on a population scale. Today, 50 per cent of the world’s real-time payments are on this technology. And, to create new solutions on this digital layer, we have given an open ecosystem to industries and start-ups. We are proud that many countries are adopting India’s world-class ecosystem,” said Modi.
west asia war
Against the backdrop of disruptions in West Asia, PM Modi talked about security of seafarers and the need for supply routes to remain open. “Global trade progress is possible only when sea lanes are secure, supply routes remain open and seafarers are safe. That is why India is such a staunch supporter of freedom of navigation and safety of seafarers,” he said.The Russian President drew a comparison between BRICS and G7, underlining that BRICS contributes more to global economy. He said the old world order is changing and is being replaced by new economies. “Right now, the world is undergoing structural, deep, profound shifts, which is explained by the fact that the so-called old leaders, which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth,” said Putin.
“The world is always changing, and this is attested to by the objective facts of the last five years. And I think these statistics have already been cited by our colleague from Indonesia. Over the last five years, more than 40 per cent of the world’s GDP has been produced by BRICS countries. Whereas the contribution of the so-called G7, I don’t know why they call that group of seven, stands at only 29 per cent. Now speaking about the growth of the world economy over the same period, we see that more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18 per cent. Why is that? The answer is simple. BRICS countries account for more than half of the world’s population, and that is why they have a great dynamic, vibrant domestic market,” said Putin.
role of BRICS
The Iranian President talked about the ongoing geopolitical turmoil and how BRICS can play a positive role.“In recent months, the Republic of Iran is facing military aggression from the US and the Israeli regime. This act of aggression, in addition to its human and material losses, once again revealed an important reality: that economic security cannot be separated from national and regional security. Whenever the trade, energy, infrastructure, or financial system of a country comes under political or military pressure, its effects extend beyond that country’s borders and can affect regional stability and even the global one. Therefore, by creating resilient capacities for the economies of its members and the global South, BRICS must create an environment in which no country can disrupt the legitimate trade of another another country,” said Pezeshkian.
Published on September 11, 2026