Russian President Vladimir Putin said BRICS is playing a growing role in the global economy. According to him, BRICS countries contributed 49% of global GDP growth over the last five years, while the G7 accounted for only 18%.
Putin said BRICS now represents around 40% of global GDP based on purchasing power parity, compared with less than 29% for the G7. He noted that BRICS overtook the G7 in 2020 and the gap continues to widen.
Speaking about India, Putin described the country as a major global technology power. He said India has a significant share of the world’s software market and praised the talent, education, and coding skills of the Indian people.
Putin said India and Russia have enjoyed strong and trusted relations since diplomatic ties were established in 1947. He added that both countries continue to expand cooperation in energy, technology, trade, and other strategic sectors.
At the St. Petersburg International Economic Forum, Putin called India a highly reliable partner and said pressure on Prime Minister Narendra Modi over ties with Russia is “useless.” He added that Russia and India are working toward increasing bilateral trade to $100 billion, up from about $68 billion currently.
Putin also reaffirmed Russia’s commitment to defence cooperation with India. He highlighted the jointly developed BrahMos missile programme and noted that a large part of India’s military equipment is of Russian origin. He said the relationship is based on long-term trust and joint research rather than simple buying and selling.
Russia has also offered India unrestricted joint production and development of the Su-57 stealth fighter jet. The proposal includes advanced variants and potential production at HAL’s Nashik facility, as Russia seeks deeper defence cooperation with India amid growing competition from China’s J-35AE fighter programme.
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