14th BRICS Summit: Members of BRICS take a similar stance on world economy

Prime Minister Narendra Modi said at a virtual summit of the five-nation grouping sponsored by China that the consequences of the Covid epidemic on the global economy are still apparent and that cooperation among the BRICS countries can be a beneficial part of its recovery. The BRICS member nations, according to the prime minister, share a similar approach to managing the world economy.

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Presidents Xi Jinping of China, Vladimir Putin of Russia, Jair Bolsonaro of Brazil, and Cyril Ramaphosa of South Africa were present as Modi delivered the statements.
Five of the major developing nations in the world are represented by the BRICS (Brazil, Russia, India, China, and South Africa), accounting for 41% of the world’s population, 24% of its GDP, and 16% of its commerce.
The Ukraine crisis and the protracted military stalemate between India and China in eastern Ladakh served as a virtual backdrop for the BRICS presidents’ meeting. In its role as the grouping’s chair for this year, China hosted the meeting.
In his speech, Modi said that the BRICS had undergone a number of structural changes that had improved the organization’s efficiency.
Modi claimed that by taking such concrete actions, BRICS has become a special international group whose goals go beyond discourse. People-to-people exchanges have improved thanks to the BRICS Youth Summits, BRICS Sports, and increased exchanges among think tanks and civil society organisations.