PM Modi Calls for Greater Trade, Innovation and Business Cooperation

New Delhi: Prime Minister Narendra Modi on Friday welcomed business leaders and representatives from BRICS countries at the BRICS Business Forum 2026, highlighting the grouping’s expanding economic weight and calling for stronger trade, innovation, investment and business partnerships among member countries.

As BRICS enters its third decade, Modi urged the BRICS Business Council to adopt measurable annual targets. He proposed preparing a report identifying the top 10 trade barriers among BRICS countries and working towards their removal.  He further suggested supporting 100 BRICS startups every year to scale into other BRICS markets and developing 1,000 new partnerships among businesses across the grouping. The Prime Minister called for annual reviews of progress on all three indicators, stressing that BRICS should translate its growing ambition into concrete action.

Modi noted that BRICS is completing 20 years this year. The grouping, which began in 2006 with four countries, has now expanded into a 21-country family comprising BRICS members and partner countries. He said BRICS nations today represent around 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade.

Highlighting the pace of economic expansion, the Prime Minister said that while global GDP has increased by around two-and-a-half times over the past two decades, the combined GDP of BRICS countries has grown nearly four-and-a-half times. He said this demonstrates the grouping’s rapidly increasing economic strength and its growing importance in the global economy.

Modi also underlined the emergence of BRICS countries as important centres of innovation and technology. From grassroots-level solutions to frontier technologies, he said, new opportunities are being created across the grouping. He described the Forum in India as the largest BRICS Business Forum so far, reflecting the expanding scale and ambition of the grouping.

India’s BRICS Presidency Focuses on Resilience and Innovation

Referring to India’s BRICS Presidency theme — “Building for Resilience, Innovation, Cooperation and Sustainability” — Modi said these principles have also shaped India’s economic and trade policies over the past 12 years.

He highlighted India’s efforts to diversify and strengthen supply chains across sectors ranging from energy to technology. According to the Prime Minister, this resilience has enabled India to provide greater confidence in terms of growth and stability despite continuing global uncertainties.

India, he said, is rapidly expanding its infrastructure, including roads, railways, ports and airports, while simultaneously developing capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.

Calling on global businesses to participate in India’s growth story, Modi said the country’s approach is: “Make in India, Innovate with India, and Scale for the World.”

Startup Ecosystem Can Take BRICS Innovation to Global Markets

The Prime Minister highlighted India’s startup ecosystem, saying the country now has more than 200,000 startups and over 120 unicorns. He said the BRICS Bharat Innovates Expo would provide a glimpse of the country’s innovation capabilities.

Indian startups, he said, are developing solutions using artificial intelligence across education and healthcare, while also working on Green Hydrogen, batteries, defence and space technologies. Modi called for BRICS mechanisms to help such innovations reach markets across the world.

He also highlighted India’s concept of “Innovation at Population Scale”, citing the Unified Payments Interface (UPI) as an example. He said around 50 per cent of the world’s real-time payments take place through the technology and stressed that India’s open digital ecosystem has enabled industry and startups to develop new solutions on top of this digital infrastructure.

Modi Calls for Lower Trade Barriers Across BRICS

Against the backdrop of rising global trade barriers, Modi said India was working to build economic bridges and create greater opportunities for businesses. He noted that since 2014, India has concluded free trade agreements with nearly 40 countries.

He said the same approach should guide BRICS cooperation — reducing barriers and expanding opportunities for businesses. Under India’s BRICS Presidency, new cooperation networks have been created in areas including agriculture, healthcare, skills and smart grids.

The Prime Minister also highlighted initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund, aimed at connecting startups and small and medium enterprises with markets and finance.

He encouraged businesses from BRICS countries to make greater use of these platforms and increase cross-border flows of investment and talent.

Maritime Security and Women Entrepreneurs Also Key Priorities

Modi stressed that global trade can grow only when sea lanes remain secure, supply routes stay open and seafarers are protected. He reiterated India’s strong support for freedom of navigation and the safety of seafarers, linking maritime security directly with the stability of global supply chains.

He also highlighted the role of the BRICS Women’s Business Alliance, saying India wants women entrepreneurs to play a leading role in the grouping’s growth story. Around 200 women business leaders participated in the Alliance meeting held in India.

He concluded with a call to transform BRICS’ ambition into action and its collective strength into global solutions, saying that the grouping should not only advance its own development but also contribute to global progress.