Russian President Vladimir Putin has said the global economy is undergoing a major structural transformation, with emerging economies playing an increasingly important role in driving worldwide growth.
Addressing the BRICS Business Forum in New Delhi on Friday, Putin argued that economic influence is gradually moving towards new centres of growth as developing and emerging markets expand their role in global trade and investment.
His remarks came ahead of the 18th BRICS Summit, which India is hosting in New Delhi on September 12 and 13. The BRICS Business Forum was held at Bharat Mandapam on September 11 as part of the events leading up to the leaders’ summit.
Putin Says Economic Power Is Moving Towards New Centres
Putin said the economic forces that dominated global growth during much of the second half of the 20th century are gradually giving way to new centres of economic activity.
He acknowledged that established economies continue to have advantages in areas such as technology, scientific research and infrastructure. However, he argued that the overall balance of economic power is changing as emerging markets become larger and more influential.
The Russian president said BRICS countries are increasingly contributing to global economic expansion, reflecting what he described as a broader shift in the international economic system.
BRICS Accounts for Over 40% of Global GDP
Putin highlighted the growing economic weight of BRICS during his address.
He said the grouping has accounted for more than 40 per cent of global GDP in recent years, compared with around 29 per cent for the G7 when measured on a purchasing power parity basis.
Recent assessments also place BRICS at roughly 40 per cent of global economic output, while the expanded grouping represents nearly half of the world’s population.
Putin used these figures to underline his argument that emerging economies are becoming increasingly central to global growth.
Putin Calls for Stronger BRICS Business Ties
The Russian president also stressed the importance of closer business and economic cooperation among BRICS members.
He said stronger links between companies and markets across the grouping could help build more stable and resilient economic relationships at a time when global supply chains and trade patterns are facing major disruptions.
The BRICS Business Forum itself focused on areas including trade, investment, supply chains, technology and economic cooperation. Its discussions are expected to feed into the wider BRICS agenda under India’s chairmanship.
Putin also emphasised the importance of working with what he described as reliable and predictable partners, while pointing to the size and growth potential of BRICS domestic markets.
Putin Meets PM Modi in New Delhi
Earlier on Friday, Putin met Prime Minister Narendra Modi in New Delhi for bilateral discussions on the sidelines of the BRICS meetings.
The two leaders discussed ways to expand India-Russia cooperation in trade, energy, defence, infrastructure, technology and other sectors. Modi also reiterated India’s position in favour of resolving the Ukraine conflict through dialogue and diplomacy.
The meeting came as India prepares to host the main BRICS Summit, bringing together leaders of the expanded 11-member grouping amid major geopolitical and economic challenges.
BRICS Seeks Greater Role in Global Economy
Putin’s comments reflect the wider push within BRICS to increase economic cooperation among emerging economies and strengthen their role in global decision-making.
The expanded grouping now represents a significant share of the world’s population and economic output. However, analysts also point to differences among member states over trade, geopolitics and the future direction of the bloc.
With India hosting the summit, discussions on trade, investment, supply-chain resilience and economic cooperation are expected to remain central to the BRICS agenda.
