Prime Minister Narendra Modi, who attended the BRICS summit in Brazil for the first time, pitched for a peaceful, balanced and stable world and told the leaders of the five-nation grouping that it should be driven by people-to-people contact led by the youth of the five nations.
Here are the top 8 things Modi said during his speech in Brazil.
1. Terming the agreement towards setting up BRICS's New Development Bank a significant step, Prime Minister Narendra Modi said an open international trading regime is critical for global economic growth. In his statement on the agenda "Sustainable Development and Inclusive Growth" at the sixth BRICS summit, he said the global economic environment remains uncertain and recovery was still fragile despite improved prospects.
2. Modi said that in an environment of political conflict and persisting weakness in major economies, countries have to be watchful for signs of a new bout of financial turmoil. "Developments in Iraq and the wider region could affect this. I am also concerned that tight monetary policies in some countries could undercut investment and growth in ours," he said.
3. The PM added his government would invest heavily in infrastructure, affordable housing, healthcare, education and clean energy, while emphasizing sustainability has been a core element of the Indian way of life.
4. Modi said that BRICS was in a position where it wields enough horizontal influence to compel the world to take notice but there was need to deepen the bonds vertically. Calling for decentralization, Modi said they must go "beyond summit and leader-centric deliberations and champion sub-national level exchanges".
5. "We must encourage engagement between our states, cities and other local bodies," he said, calling for BRICS to be driven by "people-to-people" contact and the youth should lead this."Popularizing our languages through dedicated BRICS language schools in all BRICS countries could be a beginning in this direction," he said, even suggesting they explore the idea of a BRICS University as well as cooperation in areas like health, education, agriculture, resource management and urban development and a young scientists' forum.
6. Other initiatives he suggested were an affordable BRICS healthcare platform, mechanism to further cooperation between small and medium enterprises and a common framework for promoting tourism.
7. Modi expressed appreciation for Russia's friendship and unstinting bilateral and international support for India's economic development and security since the early days of India's Independence. Modi said he looks forward to working with Putin to further deepen and broad-base the strategic partnership, including in the areas of defence, nuclear energy, space, energy, trade and investment, people-to-people contacts and addressing regional and global challenges; and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December. Speaking in Hindi, he added, "Even a child in India if asked to say who is India's best friend will reply it is Russia because Russia has been with India in times of crisis" — reaffirming the fact that India's ties with Russia is a time-tested relationship.
8. Modi said that various enabling agreements and MoUs have already been signed between BRICS development banks to promote intra-BRICS trade and investment. He suggested that the council should work in close coordination with the development banks and contact group on trade and investment issues.
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