Modi, Putin set BRICS stage: ‘Deep shifts’, new engines of growth, energy security

In remarks directed both at the West, opposed to his war in Ukraine, and countries with which Russia continues to do business despite crippling Western sanctions, Russian President Vladimir Putin said Friday that “the world is undergoing structural, deep, profound shifts” in which “new engines of growth” are replacing “the so-called old leaders”.

Addressing the BRICS business forum in New Delhi ahead of the summit Saturday, Putin said Russia and its “partners” are “ready to contribute to world energy and food security” and “building reliable logistics routes such as the Arctic Transport Corridor and the North-South Transport Corridor”.

His remarks on energy and food security and “reliable logistics routes” are a reminder that the crisis in West Asia, where the US continues to exchange strikes with Iran, a BRICS member country, has not been resolved. The partial closure of the strategic Strait of Hormuz has disrupted supply chains, impacted economies and sent fuel prices soaring.

Prime Minister Narendra Modi, who held a bilateral meeting with the Russian leader, told the BRICS business forum: “Global trade can only progress if sea lanes are secure, supply routes remain open and seafarers are safe. India is a staunch supporter of freedom of navigation and the safety of seafarers.”

In their meeting, Modi told Putin that “dialogue and diplomacy” is “the way forward in resolving conflicts” and India stands “ready to assist in peace efforts”. In Bishkek less than two weeks ago, on the sidelines of the Shanghai Cooperation Organisation summit, Modi had urged him to move from “endless war” to “end of war”.

“The world is always changing,” Putin said, adding that the economic weight of the traditional growth centres of the second half of the 20th century was being replaced by “new engines of growth” – a reference to the centres of power shifting from the West to the East.

He described the expanding BRICS economic architecture as an effort to advance national interests rather than exclude other countries.

“The most important elements of this growth are not being imposed on anyone from the outside,” Putin said.

He rejected the idea that Russia or BRICS was seeking economic isolation, saying Moscow was ready to cooperate with both existing and new partners.

“We are open to working with the whole world,” he said, adding that the BRICS Business Council could provide additional momentum to trade and economic ties and help advance projects in infrastructure, logistics, finance and technological cooperation.

Putin slammed the economic sanctions and Western trade and financial restrictions, saying competition was increasingly taking “ugly forms” at both corporate and state levels.

Putin’s 45-minute meeting with Modi took place hours after he reached New Delhi on a three-day visit to participate in the BRICS summit. After the talks, Modi and Putin travelled in the same car.

The Ministry of External Affairs said the leaders “shared perspectives on key regional and global issues of mutual interest, including the conflicts in West Asia and the Black Sea region which have impacted maritime trade and the safety and security of Indian seafarers”.

At least five Indian seafarers have been killed in strikes between Russia and Ukraine in the Black Sea since July.

The “Prime Minister once again reiterated that dialogue and diplomacy was the way forward in resolving conflicts and India stood ready to assist in peace efforts,” the MEA said.

The two leaders, the Ministry said, reviewed progress in bilateral cooperation in political, economic, defence, energy, space, skill mobility and people-to-people domains. There was no specific mention of any deal.

Ahead of Putin’s arrival, Kremlin spokesperson Dmitry Peskov had told Indian journalists that “lots of issues cannot be discussed publicly” given that “some unfriendly countries are trying to put obstacles in the way of further development of our cooperation”.

Visiting Russia’s international industrial exhibition ‘INNOPROM India’ where they interacted with participants, the two leaders flagged its importance in expanding trade and industrial ties.

On trade and investment ties, the two sides resolved to push annual bilateral trade to USD 100 billion by 2030, up from the current USD 65 billion.

Modi said they discussed closer trade ties, including implementation of the ‘Programme for Economic Cooperation 2030’ besides delving into engagement in areas like infrastructure, energy, technology, defence and culture.

The Indian statement said they “agreed to remain engaged in an effort to strengthen further the Special and Privileged Strategic Partnership between the two countries, which continues to register significant growth and has shown resilience in the backdrop of geopolitical uncertainties”.

It said Putin invited Modi to Russia for the 24th annual summit of the two countries. The Prime Minister, the statement said, accepted the invitation. “The dates of the Summit will be decided as per mutual convenience through diplomatic channels,” it said.