Russian President Vladimir Putin took a jab at the Western bloc, stating that the contribution of the BRICS alliance to the global economy surpasses that of the G7.

Speaking at the BRICS Business Forum in New Delhi on Friday (September 11), he noted that over the past five years, BRICS countries have accounted for more than 40 percent of global gross domestic product (GDP), compared to just 29 percent for the G7, according to NDTV.

Putin stated that over the past five years, BRICS nations have generated more than 40 percent of global GDP, while the G7, or Group of Seven, has contributed only 29 percent.

Noting that the world is changing rapidly, he said that older powers that once led economic growth are being replaced by new centers of growth.

Putin also accused Western countries of hindering the development of other economic powers. He remarked that while competition has long been presented as sacred, Western rivals are taking various steps to regain their former competitive standings, sometimes resorting to ugly tactics.

He pointed to physical actions such as the destruction of pipelines, attempts to block international transport corridors, and the seizure of maritime vessels.

Addressing the sanctions imposed on Russia, he added that over 30,000 restrictions have been enacted against his country—nearly double the total number of sanctions imposed on all other nations combined.

Despite these pressures, Putin asserted that Russia is moving forward by relying on business, science, education, engineering, and its own workforce, which has further strengthened national sovereignty and expanded ties with reliable partners.

In his concluding remarks, Indian Prime Minister Narendra Modi highlighted the economic strength of BRICS, stating that the alliance represents nearly 50 percent of the world's population, accounts for about 40 percent of global GDP, and holds over 25 percent of global trade.

Modi noted that while the global economy has grown roughly two and a half times over the past few years, the combined GDP of BRICS nations has expanded nearly four and a half times, meaning BRICS economic power has grown at twice the speed of the rest of the world.

Currently, the eleven full member countries of BRICS are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia, alongside ten partner nations.

Meanwhile, G7 members include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union also participating in the bloc's activities.

On the sidelines of the BRICS summit, Prime Minister Modi held a bilateral meeting with Putin, marking their second meeting of the year.

The Indian Ministry of External Affairs stated that the two leaders reviewed bilateral cooperation across political, economic, defense, energy, space, and skilled labor mobility sectors, alongside discussions on conflicts in West Asia and the Black Sea region.

Modi reiterated the importance of dialogue and diplomacy in resolving conflicts, stating that India is ready to assist in efforts toward a peaceful resolution to end the wars.

During the meeting, Putin invited Modi to attend the upcoming India-Russia annual summit in Russia. Modi accepted the invitation, and the dates for the summit will be finalized through diplomatic channels.
Source: NDTV