The BRICS group is focused on economic recovery amid the pandemic, according to India’s Prime Minister Narendra Modi. He also said India’s vaccine production and distribution capacity will help humanity.
“We have started a comprehensive reform process under the ‘Self-reliant India’ campaign,” Modi said, addressing the 12th BRICS Summit, chaired by Russia. “The campaign is based on the belief that a self-reliant and resilient post-Covid India can be a force multiplier for the global economy and make a strong contribution to global value chains.”Modi explained: “We were able to send essential medicines to more than 150 countries due to the capability of the Indian pharma industry. Our vaccine production and delivery capacity will also work in the interest of humanity like this.”He also said that questions are being raised on the credibility of global institutions, such as the International Monetary Fund, the World Trade Organization, and the World Health Organization. The reason is because they have not changed with the times, Modi said.
Talking about the five-nation trade alliance, the Indian premier underlined that the BRICS economies will play a crucial role in the global recovery after the pandemic. “We have more than 42 percent of the world’s population, and our countries are among the main engines of the global economy,” he explained.According to Modi, the BRICS mutual institutions and systems, such as BRICS’ Inter-Bank Cooperation Mechanism, New Development Bank, and Contingent Reserve Arrangement and Customs Cooperation, “can also make our contribution effective in the global recovery.” India will host the 13th BRICS Summit in 2021.For more stories on economy & finance visit DHT’s business section