• India
  • Jun 23

PM Modi addresses BRICS Business Forum

• The Indian economy is expected to grow by 7.5 per cent this year which will make it the fastest growing major economy, Prime Minister Narendra Modi said in a virtual address at the opening ceremony of the BRICS Business Forum.

• He said the value of India’s digital economy will reach $1 trillion by 2025 and that the government is supporting innovation in every sector.

• Modi said there are investment opportunities to the tune of $1.5 trillion under the country’s National Infrastructure Pipeline.

BRICS Business Forum

• Established in 2010, the BRICS Business Forum generally meets on the eve of the Summits, with a view to expanding and diversifying trade and mutual investments through the identification of new business opportunities.

• The BRICS Business Council was established at the fifth BRICS Summit in Durban, South Africa in 2013. Since then, the BRICS Business Forum is one of the key events organised under the aegis of the BRICS Business Council.

The objective of creating the council was to constitute a platform which will:

i) Promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries.

ii) Ensure that there is regular dialogue between the business communities of the BRICS nations and the Governments of the BRICS countries.

iii) Identify problems and bottlenecks to ensure greater economic, trade and investment ties amongst the BRICS countries and recommend solutions accordingly.

• Each BRICS member country has nominated one chair and four members to the BRICS Business Council.

• FICCI has been designated as the nodal agency by the Government of India to act as the technical secretariat for the BRICS Business Council.

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