Brasilia: Saying that India is a conducive economy for free trade and investors, Prime Minister Narendra Modi invited the members of BRICS to invest in India. The Prime Minister said that the investors should take advantage of the unlimited possibilities and opportunities in India and also expressed confidence that India will become a $5 trillion economy by the year 2024. The Prime Minister drew the attention of BRICS to the opportunity that there is a need of $1.5 trillion during this period, for development of infrastructural facilities.
11th BRICS conference was held in Brazil and Prime Minister Modi addressed the Business Forum on Thursday. At this time, Prime Minister Modi pointed out the Unique features of the Indian economy and appealed to take advantage of the enormous opportunities available in India. There is political stability and certainty in India and Prime Minister Modi pointed out that despite the world being in the shadows of recession, Indian economy is performing exceptionally well. The Indian Prime Minister expressed satisfaction that not only India but members of BRICS are contributing more than 50% to the global development, even during the times of economic crisis.
After completing ten years of establishment, it is expected that the trade cooperation among the BRICS member countries is made more comprehensive. Prime Minister pointed out that the BRICS members have the technology, markets, raw materials available, which can be shared among the members.
The Prime Minister suggested to the Business Forum that this cooperation needs to be taken forward at a rapid pace and there is a need for independent meetings for the purpose. Meanwhile, Prime Minister Modi held discussions with Russian President Vladimir Putin on the sidelines of the conference.
The Russian President said that this was the fourth meeting with the Indian Prime Minister, in the current year. President Putin also noted that this has had good effects on the relations between the two countries and the trade between the two countries has grown by 17%. President Putin said that India and Russia were working on certain joint projects and the cooperation in the technology sector is developing at a rapid pace. President Putin extended an invitation to Prime Minister Modi to be present during the Victory Day Parade, in May.
Prime Minister Modi held discussions with Chinese President XI Jinping. Both the leaders announced increasing the trade and investment, during the discussion. It was also clarified, during the meeting of Prime Minister Modi and President Jinping, that there is no change in the Indian stand, regarding the RCEP agreement, for which China is pressurising India to sign. The Prime Minister also held discussions with the Brazilian President. Prime Minister Modi extended an invitation to the Brazilian President Bolsonaro, to be the chief guest for the Republic Day function, in January 2020.