Russian President Vladimir Putin emphasized that BRICS nations account for 40% of global GDP, contrasting them with the G7's 29% contribution, during the BRICS Business Forum in New Delhi. The remarks were made on the sidelines of the BRICS summit, where Putin criticized the West's economic strategies and highlighted the growing influence of emerging economies.

Putin stated, 'Over the last five years, more than 40 per cent of the world GDP has been produced by the BRICS countries, whereas the contribution of the so-called G7 stands at only 29 per cent.' He attributed this shift to the demographic and economic weight of BRICS nations, which collectively represent over half the world's population. The Russian leader also cited the rapid urbanization and growth of domestic markets in BRICS countries as key drivers of their economic expansion.

The BRICS grouping, comprising Brazil, Russia, India, China, and South Africa, has expanded to include 11 full members, including Egypt, Ethiopia, Iran, Saudi Arabia, the UAE, and Indonesia. Putin praised the technological and industrial capabilities of BRICS firms, such as India's Mahindra, China's Huawei, Brazil's Embraer, and Russia's Rosatom, as examples of the group's economic strength.

In addition to economic contributions, Putin criticized the West for employing 'ugly forms' of competition, including sanctions and disruptions to international trade. He noted that over 30,000 sanctions have been imposed on Russia, which he described as twice the number of all sanctions against other countries combined. Despite these challenges, Putin asserted that Russia has maintained economic resilience through domestic innovation and collaboration with 'reliable partners.'

Prime Minister Narendra Modi, in his address at the BRICS Business Forum, echoed Putin's points, stating that BRICS nations represent 50% of the world's population, 40% of its GDP, and over 25% of global trade. Modi emphasized the group's role in fostering innovation and economic cooperation, particularly during India's chairmanship of BRICS. He also highlighted the importance of balanced trade and service expansion within the BRICS framework.

Modi and Putin held bilateral talks on the margins of the BRICS summit, discussing regional and global issues, including conflicts in the Middle East and the Black Sea. Modi reiterated India's commitment to dialogue and diplomacy in resolving conflicts, while Putin invited Modi to attend the 24th India-Russia Annual Summit. No further details on the summit's date or specific outcomes were provided in the sources.

The sources do not include responses from G7 members to Putin's remarks. The economic figures cited by Putin and Modi are based on statistics from the BRICS Business Forum, though exact GDP data and future projections remain unclear. The evolving dynamics between BRICS and the G7, particularly in the context of global trade and geopolitical tensions, continue to shape the economic landscape of the 21st century.