In his remarks, Putin said over 40 per cent of the world's total gross domestic produce (GDP) was produced by BRICS countries in the last five years. He said the BRICS countries comprise over half of the world's total population because of which they now have "a great dynamic, vibrant, domestic markets".
"Right now, the world is undergoing structural, deep, profound shifts. It 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," he said.
"When I say old, this is just a formality - all of us understand what we are talking about. These so-called old leaders are still in possession of great strong suits and well-developed infrastructure, technological advantages, scientific advantages, scientific schools and so on and so forth. That's sad, this isn't the nature of things. This isn't the nature of humanity and the nature of economy," he added.
Putin's meet with Modi
Earlier in the day, Putin held a high-level bilateral meeting with Prime Minister Narendra Modi, with the two leaders holding talks to increase the defence and energy ties, and boost the trade cooperation between them. India and Russia are focusing to increase their annual bilateral trade to USD 100 billion by 2030.
Apart from their discussions on boosting defence and trade ties, PM Modi also gifted Putin a copy of the Post-meet camaraderie: PM Modi, Putin take car ride after bilateral talks | WATCH