• Source:JND
HighLights
  1. Putin highlights BRICS' 40% global GDP share, surpassing G7.
  2. BRICS accounts for over half of recent world economic growth.
  3. Modi and Putin discussed trade, nuclear energy, and critical minerals.

Russian President Vladimir Putin on Friday drew a sharp comparison between BRICS and the G7, saying the emerging-economy grouping now accounts for a larger share of global GDP than the Group of Seven developed economies. He made the remarks while addressing the BRICS Business Forum in New Delhi, where Prime Minister Narendra Modi later highlighted the growing economic weight of the grouping.

"Over the last 5 years, more than 40per cent of the world's GDP has been produced by the BRICS countries, where the contribution of the so-called G7, the Great 7, I don't know why they call that, stands at only 29 per cent," ANI quoted Putin.

"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 18per 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 great, dynamic, vibrant domestic markets," he added.

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What Are G7 And BRICS?

The G7 Summit is an international forum held annually for a bloc comprising seven advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, along with the European Union.

Russia was part of the G8 until it was expelled from the grouping following its annexation of Crimea in 2014. The group subsequently returned to its earlier G7 format.

BRICS is an economic and political bloc of the world's leading emerging economies collectively established by Brazil, Russia, India, China, and South Africa. Initially coined in 2001 as 'BRIC' by Goldman Sachs economist Jim O'Neill, the term later evolved into a diplomatic platform in 2006. It was in 2011 that South Africa joined the bloc, thereby adding the 'S' to BRICS. 

In 2023, the bloc announced a significant expansion during the Johannesburg Summit with the addition of Egypt, Ethiopia, UAE, Indonesia, Iran, and Saudi Arabia, making it an eleven-member diverse economies group representing the Global South.  

Putin Takes Aim At West

Putin also accused Western countries of using sanctions and other measures to weaken their competitors.

"We have been told for quite some time that competition is sacrosanct... But our Western competitors are doing everything to get back their erstwhile competitive edge, and sometimes this competition is taking some ugly forms. This is something our colleague from Iran has spoken about," he said.

"Illegal restrictions are being applied, and there's also the threat of so-called secondary sanctions against those who do not want to follow someone else's interests and rather look after their own," Putin said. He added that Russia had faced more than 30,000 sanctions but had strengthened its sovereignty and ties with "reliable, predictable partners."

Modi, Putin Hold Bilateral Talks In New Delhi

Earlier on Friday, Prime Minister Narendra Modi and Putin held a nearly 45-minute bilateral meeting on the sidelines of the 18th BRICS Summit at Bharat Mandapam in New Delhi.

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According to government sources, the bilateral discussions focused on several key areas, including:

  • Ambitious Trade Target: Scaling bilateral trade to USD 100 billion by 2030.
  • Industrial and Business Cooperation: Expanding industrial ties through INNOPROM in India, collaborating in rail and tunnelling sectors, developing the steel value chain, increasing B2B opportunities, and broadening access to the Russian market.
  • Civil Nuclear Energy: Strengthening civil nuclear cooperation, including fuel cycle and life cycle support.
  • Labour Mobility: Enhancing workforce collaboration to increase the flow of skilled Indian labour to Russia.
  • Critical Minerals: Deepening partnership and joint exploration in critical minerals.
  • Fertiliser Supply: Sustaining and expanding fertiliser cooperation through strategic joint venture (JV) projects.

PM Modi and the Russian president previously met on the sidelines of the SCO summit in Bishkek last week, where the prime minister called for an immediate end to the conflict and urged the Russian leader to shift from an ‘endless war towards the end of war’.

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