International
oi-Swastika Sruti
At the BRICS Business Forum in New Delhi, Russian President Vladimir Putin argued that the global economy is going through a major change, with emerging economies playing a much bigger role in global growth.
Russian President Vladimir Putin stated at the BRICS Business Forum in New Delhi that BRICS countries drove over 50% of global economic growth versus G7’s 18%, urging stronger intra-BRICS business ties for resilience amid Western competition and sanctions.
Speaking at the forum on Friday, Putin said the economic powers that dominated global growth during the second half of the 20th century are now facing competition from new centres of economic activity. He also called for stronger business ties among BRICS countries, saying closer trade and investment links could make the global economy more resilient.
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Putin Says Global Economic Order Is Changing
Putin described the changes taking place in the world economy as “structural, deep, profound shifts.” He said countries that were once seen as the main engines of global growth still have important advantages, including strong infrastructure, advanced technology and well-developed scientific institutions.
However, he said this does not mean their dominance will continue forever.
According to Putin, economic power naturally changes over time as new countries develop, expand their industries and create companies capable of competing globally.
BRICS Contributes More to Global Growth, Putin Says
Putin said BRICS countries have produced more than 40% of the world’s GDP over the past five years, compared with around 29% for the G7.
He also claimed that BRICS countries were responsible for more than half of global economic growth during the same period, while the G7 contributed around 18%.
Putin linked the performance of BRICS to the group’s huge population and rapidly expanding domestic markets.
He said the large consumer base, fast urbanisation and growing businesses across BRICS countries were creating new opportunities for economic growth.
Putin Points to Companies From BRICS Countries
The president of Russia also cited the case of companies from various BRICS nations as evidence of the economic power of the group. In his address, he mentioned the Indian firm Mahindra and the involvement of the company in IT and artificial intelligence.
He also spoke of the Chinese technology firms as players on the global level and gave the Brazilian firm Embraer as a representative of the strength of BRICS nations in the aerospace industry. From the UAE, he talked about DP World and its presence in logistics.
He even spoke of his own nation’s Rosatom and its significance as one of the major companies dealing with peaceful nuclear energy.
Putin Accuses West of Using ‘Ugly’ Competition
Then, Putin focused on the increasing economic competition between the BRICS group of countries and the Western powers.
According to Putin, Western rivals were seeking to restore the competitive edge that they used to have before. However, Putin pointed out that the competition was at times ugly and unseemly, claiming that there have been incidents of attacks on the pipelines, attempts of shutting down international transit routes and ships being confiscated.
Putin also accused other nations of exerting what he called illegal economic pressure on those who do not tow their political and economic lines.
Putin went further to highlight the case of secondary sanctions whereby nations with independent economic policies would also be under pressure.
Russia Faces More Than 30,000 Sanctions, Putin Says
Putin used Russia’s own experience to explain his argument.
He said Russia has faced more than 30,000 sanctions, which he described as more than twice the number imposed on all other countries combined.
Despite the sanctions, Putin said Russia has continued to develop its economy and maintain trade and business relationships with countries it considers reliable and predictable partners.
He said the pressure had pushed Russia towards greater domestic development in areas such as engineering, artificial intelligence, digital platforms and other technologies.
Russia’s Economy Has Become More Resilient, Putin Claims
Putin said Russia had undergone structural changes that had made its economy more flexible and resilient.
He cited 10.3% GDP growth during 2023-24 and said the unemployment rate had fallen to a record-low 2.3%.
According to Putin, these changes were supported by stronger domestic industries and an expanded network of economic partners.
He said Russia was also continuing to work in areas such as artificial intelligence and autonomous systems while cooperating with other BRICS countries.
Putin Says BRICS Must Strengthen Business Connections
The Russian president also stressed that the future strength of BRICS would depend on stronger economic links between its members. He said reliable business-to-business relationships and economic partnerships form the backbone of international economic relations.
Delhi | President Putin invited Prime Minister Narendra Modi to visit Russia for the 24th India-Russia Annual Summit. Prime Minister accepted the invitation.
The dates of the Summit will be decided as per mutual convenience through diplomatic channels: MEA pic.twitter.com/9hwTsxGLER
— ANI (@ANI) September 11, 2026
For BRICS, this means creating stronger connections between companies, markets and investors across member countries. Putin argued that such cooperation could help countries deal with global disruptions and make their economies more resilient.
Russia Wants to Support Energy and Food Security
Putin also said Russia was ready to contribute to global energy and food security.
With international supply chains facing pressure and geopolitical tensions affecting trade, he presented Russia as a reliable supplier for BRICS partners.
His comments placed energy, food and trade cooperation at the centre of the wider BRICS economic discussion.
Modi and Putin Discuss Bilateral Ties
Putin’s comments came on the same day that he met Prime Minister Narendra Modi in New Delhi. The two leaders discussed ways to strengthen India-Russia economic and strategic cooperation. Modi said their conversation covered closer trade ties and implementation of the Programme for Economic Cooperation 2030.
The two sides also discussed cooperation in infrastructure, energy, technology, defence and culture. The meeting took place less than two weeks after Modi and Putin had met in Bishkek.
