Because of the war in West Asia that choked a key shipping route for energy supplies, india’s focus is on reducing barriers to trade and increasing opportunities for business, Prime Minister Narendra Modi said at the BRICS Business Forum on Friday, a statement that acquires significance in the context of disruptions to global trade over the past 18 months, first on account of US action on tariffs, and then.
Modi added that India strongly supports freedom of navigation and the safety of seafarers. “Global trade can move forward only when sea lanes are secure, supply routes are open, and seafarers are safe. India is disproportionately represented in global merchant navies, and according to earlier statements by the ministry of external affairs , at least 10 Indian seafarers have died in the West Asia conflict and five in attacks on ships in the Black Sea.
And therefore, India is a strong supporter of freedom of navigation and the safety of seafarers,” he said. Therefore, under our chairship, we have formed new cooperation networks in areas such as agriculture, health, skills, and smart grids, he added.
“Today, when trade barriers are increasing in the world, India is building economic bridges,” he said, citing examples of FTAs with about 40 countries since 2014 to boost trade amid global headwinds. “Our approach in BRICS is also the same — to reduce barriers and increase opportunities for businesses,” Modi said. Addressing a large number of delegates from India and other member countries at Bharat Mandapam in New Delhi, Modi said: “All of you can take advantage of these cooperation frameworks and increase the exchange of investment and talent among our countries.”
“If we talk about resilience, India has made supply chains more diversified and reliable, from energy to technology. “Our startups are transforming education and healthcare through AI, working on green hydrogen and batteries, and also crossing new frontiers in defence and space. Now, through BRICS as well, we have to take these world-class innovations to global markets.”
India’s economy grew at 7.8% in the first quarter of this year.
Emphasising the theme of India’s BRICS chairship — “Building for Resilience, Innovation, Cooperation and Sustainability” – the Prime Minister said this mantra has also been the foundation of India’s economic and trade policy for the last 12 years. “Today, a startup revolution is taking place in India,” Modi said; India boasts over 2 lakh startups and more than 120 unicorns. The result of this resilience is that, even amid global uncertainties, India today is providing confidence of growth and stability.
