Speaking at the BRICS Business Forum, Russian President Vladimir Putin said BRICS countries had generated more than 40% of global GDP over the past five years, compared with 29% for the G7.
FICCI President Anant Goenka said BRICS can help India diversify supply chains, deepen investment and technology ties, and expand digital payments across emerging markets.
BRICS is advancing local-currency settlement through BRICS Pay rather than launching a shared currency, according to a Business Today explainer.
A South African BRICS council chapter official says trust, safeguards, connectivity and multilateral agreements are key to a unified BRICS payment system.
India is trying to manage its role in the Delhi BRICS summit without antagonizing the United States, while experts warn that BRICS announcements on trade, payments, energy, or local currency could trigger renewed tariff threats.
BRICS finance ministers and central bank governors expressed serious concern over unilateral tariffs and trade restrictions, saying such measures threaten global trade and economic stability.
The Russian president said BRICS members are building equitable cooperation and proposed an investment platform to attract private capital into strategic sectors.
Key quotes from Vladimir Putin’s speech at the plenary session of the BRICS Business Forum held in India.
BRICS begins its 18th summit in New Delhi with 11 members and 10 partner countries, as the bloc’s economic weight is examined through purchasing power parity and exchange-rate measures.
