A bilateral meeting between Vladimir Putin and Narendra Modi took place in the Indian capital. The leaders discussed cooperation in politics, the economy and energy. The main topic of discussion was the potential implementation of the Russian-Indian Programme for Economic Cooperation until 2030. The plans include boosting bilateral trade to 100 billion dollars by 2030.
Within the framework of the ‘INNOPROM. India’ exhibition, agreements were signed with local airlines for the supply of 85 Il-114-300 regional turboprop aeroplanes. One of the signed memorandums provides for the opening of a training centre equipped with a full-flight simulator on the operator’s premises. Furthermore, a memorandum of cooperation in the energy sector was signed with an Indian company. Rosatom delivered the first 3D printer to India for the production of large-scale parts, including those for the Indian space programme. Additionally, the localisation of Russian 3D scanner manufacturing has commenced, which has reduced equipment costs by 40% and secured ‘Make in India’ local product status.
The shift in the structure of the global economy was the central theme of Putin's speech at the BRICS Business Forum. According to the Russian President, over the past five years, BRICS countries have accounted for more than 40% of global GDP, compared to 29% for the G7 nations. Furthermore, the alliance generated nearly half of global economic growth, while the contribution of the Group of Seven stood at 18%.
The President proposed to continue developing the BRICS network's own payment and settlement-and-depository infrastructure. Another area of focus should be an investment platform designed to pool the financial capabilities of member states and direct funds towards high-potential projects. Russian initiatives also included the creation of a reinsurance mechanism and a BRICS grain exchange. In the future, such tools could be utilised not only by the member states of the alliance but also by its partners. Putin described the broader objective as the formation of a common ‘BRICS growth platform’ that organically combines the competitive advantages of national economies. The economic foundation for such projects has expanded noticeably. According to Putin, mutual trade among BRICS countries has reached 1.2 trillion dollars. The bloc’s members account for nearly a quarter of global exports and 49% of global economic growth.
Another practical area of focus is the work of the BRICS Payments Working Group, which is designed to develop solutions for fast, low-cost and secure cross-border settlements in national currencies.