Prime Minister Narendra Modi has sought a strong partnership among BRICS nations to spur economic growth, saying that the bloc of emerging countries has contributed to the stability in a world “drifting towards uncertainty“.

Addressing the plenary session of the BRICS Summit in China’s Xiamen city, Modi said trade and economy were the foundations of the cooperation among BRICS — Brazil-Russia- India-China-South Africa.

BRICS rating agency

He suggested some steps that can be taken to upgrade mutual cooperation. He also called for the creation of a BRICS rating agency to cater to the financing needs of sovereign and corporate entities of developing countries.

The Prime Minister said a strong partnership among member nations on innovation and digital economy can help spur growth, promote transparency and support the sustainable development goals.

He also urged central banks of the member nations to further strengthen their capabilities and promote cooperation between the Contingent Reserve Arrangement of the grouping and the International Monetary Fund.

International Solar Alliance The Prime Minister said BRICS countries can work closely with International Solar Alliance (ISA) launched by India and France in November 2015.

“Our five countries have complementary skills and strengths to promote the use of renewable and solar energy. The NDB can also establish an effective link with ISA to support such cooperation. We would wish to see more clean energy funding, particularly in solar energy, from the New Development Bank,” Modi said.

He also called for scaling up cooperation in skill development and exchange of best practices.

“India would be happy to work towards more focused capacity building engagement between BRICS and African countries in the areas of skills, health, infrastructure, manufacturing and connectivity,” the Prime Minister said.

Modi also emphasised the need to accelerate track of cooperation in smart cities, urbanisation and disaster management.

New Development Bank

He said the New Development Bank has started disbursing loans in pursuit of its mandate to mobilise resources for infrastructure and sustainable development in BRICS countries.

“After more than a decade of existence, BRICS has developed a robust framework for cooperation. We contribute stability and growth in a world drifting towards uncertainty,” the prime minister said.

“While trade and economy have been the foundation of our cooperation, our endeavours today touch diverse areas of technology, tradition, culture, agriculture, environment, energy, sports, and and Information and Communications Technology (ICT),” he said.

'Mission-mode'

Highlighting India’s achievements, Modi asserted that country was in a “mission-mode” to eradicate poverty and ensure health, sanitation, skills, food security, gender equality, energy and education.

He said women’s empowerment programmes were “productivity multipliers” that mainstream women in nation building.

He said India has also stepped up the fight against black money and corruption.

“Moving forward, using the springboard of our national experiences, BRICS countries can deepen partnership for win-win results,” he added.

“The next decade is crucial. In an environment where we seek stability, sustainable development and prosperity. BRICS leadership will be crucial in driving this transformation. If we as BRICS can set the agenda in these areas, the world will call this its Golden Decade,” the Prime Minister said.

Appreciating China’s thrust in people-to-people exchanges, Modi said that such inter-mingling will consolidate our links and deepen our understanding

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