Prime Minister Narendra Modi on Friday said freedom of navigation and the safety of seafarers were essential for promoting global trade, stressing that secure sea lanes and open supply routes were critical to the smooth movement of goods across the world.
Addressing the BRICS Business Forum in New Delhi, PM Modi said safe and resilient supply chains were essential for global trade and reiterated India's strong support for freedom of navigation and the safety of seafarers
"Global trade can move forward only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a steadfast advocate of freedom of navigation and the safety of seafarers," PM Modi said.
He said disruptions to maritime routes can have a wider impact on global supply chains, making the safety of seafarers and uninterrupted navigation increasingly important for businesses and economies.
MODI-PUTIN TALKS ON SEAFARERS' SAFETY
PM Modi and Russian President Vladimir Putin reviewed the progress of India-Russia cooperation across political, economic, defence, energy, space, skill mobility and people-to-people ties. They also discussed key regional and global issues, including the conflicts in West Asia and the Black Sea region, which have affected maritime trade and the safety of Indian seafarers.
He said BRICS countries now account for 50% of the world's population, 40% of global GDP and more than 25% of global trade, making the bloc an increasingly important part of the global economy.
PM Modi said the combined GDP of BRICS countries had grown nearly 4.5 times, compared with a roughly 2.5-fold expansion in global GDP. He said the economic strength of BRICS had therefore grown at nearly twice the pace of the rest of the world.
PM Modi said India was emerging as a global solutions hub, with more than 2 lakh registered startups and 120 unicorns. Amid global uncertainties and rising trade barriers, the Prime Minister said India was building economic bridges and offering confidence for growth and stability.
The Prime Minister also highlighted India's efforts to build resilient supply chains and strengthen infrastructure, including roads, railways, ports and airports. He said India was developing capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
WHY THE SAFETY CALL
In one of the incidents, three Indian seafarers who went missing after a US military strike on a tanker in the Gulf of Oman have died. The US said it carried out a "precision" strike on the vessel after it failed to follow instructions and alleged that it was carrying oil from Iran. The development came after the sea vessel Settebello was attacked off the coast of Oman on June 10. Of the 24 Indian crew members aboard, 21 were rescued, while three remained missing, according to the Ministry of External Affairs
BRICS EYES STRONGER BUSINESS TIES
PM Modi urged the BRICS Business Council to prepare a report identifying 10 trade barriers that should be removed and support 100 BRICS startups in scaling up every year. He also called for the creation of 1,000 new business partnerships among BRICS countries and said progress should be reviewed annually
On digital payments, PM Modi said India's Unified Payments Interface had transformed financial inclusion and digital transactions on a large scale. Around 50% of the world's real-time payments now take place through UPI, he said.
PM Modi said the growing scale and economic strength of BRICS created an opportunity for member countries to work together on solutions that could benefit the wider global economy.
Calling the forum, hosted by India, the largest BRICS Business Forum to date, Modi said the grouping's growing scale and economic strength created new opportunities for cooperation.
He also called for greater investment, talent exchange and stronger business partnerships among BRICS countries, urging the business community to turn the bloc's growing economic strength into practical global solutions.
Source: India Today