PM Modi's 5 key suggestions to enhance cooperation among BRICS nations
The Indian prime minister put forward four key suggestions to enhance cooperation among BRICS nations.
1) Improving systems to boost credibility:
PM Modi emphasised the need to improve the systems to boost credibility when advocating for reformed multilateralism. He also highlighted the importance of demand-driven decision-making, long-term financial sustainability, and maintaining a healthy credit rating.
'First, emphasised on improving our own systems so that our credibility is boosted when we call for reformed multilateralism. This is important considering economic cooperation within BRICS has been steadily progressing. While sanctioning projects through the BRICS NDB, there must be a focus on demand-driven decision-making, long-term financial sustainability and maintaining a healthy credit rating,' he said detailing his suggestion in a post on X.
Addressed the BRICS Summit Plenary session on 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence.' Focused on how to make the BRICS platform even more effective in this increasingly multipolar world. Also gave a few suggestions which are… pic.twitter.com/zRqyEa9q2v
— Narendra Modi (@narendramodi) July 7, 2025
2) Collaborative Initiatives:
He further suggested that the BRICS nations work together to fulfil specific expectations and aspirations of the nations of the Global South. He highlighted the BRICS Agricultural Research Platform established in India, which he said can be a medium for sharing best practices in agri-biotech, precision farming and climate change adaptation. He also proposed creating a BRICS Science and Research Repository that he stated can also benefit the countries of the Global South.
3) Resilient supply chain:
He emphasised the need to secure and make the supply chain resilient, particularly for critical minerals and technology. 'Third, in addition to greater cooperation in critical minerals and technology, we must focus on securing and making their supply chains resilient. It must also be ensured that no country uses these resources solely for its own interests or as a weapon,' he said.
4) Responsible AI:
PM Modi stressed the importance of Responsible AI, stating that India believes in artificial intelligence as a tool for enhancing human values and capabilities and is guided by the mantra of 'AI for All'. 'India is actively using AI in many sectors. We believe that in AI governance, addressing concerns and encouraging innovation should both receive equal priority,' the Indian prime minister said.
He further noted that the Global South has several expectations from the BRICS nations, and to fulfil them, there was a need to follow the principle of 'Lead by Example'.
'India is fully committed to working shoulder to shoulder with all partners to achieve our shared goals,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
5 minutes ago
- India Today
Trump tariffs trigger volatility on D-Street: What should investors do?
Domestic stock markets opened on a jittery note Thursday after US President Donald Trump announced an additional 25% tariff on certain Indian exports, citing India's continued imports of Russian oil. While the move was widely expected, it has added another layer of uncertainty for investors already grappling with global Sensex slipped over 250 points at the open before paring some losses. The Nifty50 was also trading lower, reflecting broad-based caution and expectations of a volatile trading REMAINS HIGHDr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the 21-day window before the tariffs come into effect offers room for negotiation. However, the outlook remains clouded. 'There is huge uncertainty surrounding the trade policy and to what extent both nations will be willing to make compromises,' he said. 'President Trump, fresh from the successes he has extracted in deals with others,others, including the EU, is unlikely to budge significantly from his unjustified stand. Unfortunately for India, the US is bargaining from a position of strength.'He praised India's 'mature and measured' response so far but warned that the market could remain under pressure in the near term. 'Export-oriented sectors will remain weak. Domestic consumption themes like banking and financials, telecom, hotels, cement, capital goods and segments of automobiles will remain resilient,' Vijayakumar CAUGHT OFF GUARDAccording to Santosh Meena, Head of Research at Swastika Investmart, markets had already priced in this escalation to an extent. 'This move was largely anticipated by the markets, as President Trump had earlier hinted at such a development. As a result, there is no fresh negative surprise,' he noted that India has so far resisted pressure from Washington, especially in protecting its politically sensitive agriculture and dairy sectors. He characterised the tariff hike as 'part of Trump's aggressive negotiation strategy' and pointed to the upcoming US trade delegation visit on August 24 as a key moment to believes India's core economic strength lies in domestic demand, and that acts as a buffer. 'India remains a domestic consumption-driven economy, with limited direct exposure to the US, except in key sectors like IT, pharmaceuticals, and electronics,' he said, adding that these have been spared from the latest tariff list. However, textiles, gems and jewellery, and leather may come under 'sentimental pressure in the near term.'Rahul Ahluwalia, Founder-Director of Foundation for Economic Development, said, 'The main sectoral impact will be felt by labour-intensive areas which do not have tariff exemptions, like apparel, gems, jewellery and other such sectors where overall we have more than 30bn USD of exports to the US.'WHAT SHOULD INVESTORS DO? advertisementFor long-term investors, Meena advises staying invested. 'This development is part of ongoing global trade tensions and shouldn't distract from India's long-term growth potential,' he said, suggesting that short-term corrections could offer entry opportunities ahead of an expected earnings revival in the coming traders, however, may want to be more defensive. 'The short-term outlook remains uncertain due to a combination of muted Q1 earnings, stretched valuations, and global trade tensions,' Meena said. 'A selective approach is advisable.'With geopolitical tensions rising and domestic indicators turning soft, investors are bracing for a volatile ride. Export-facing sectors may struggle in the near term, but experts seem to suggest that India's underlying consumption story remains intact.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
The Hindu
5 minutes ago
- The Hindu
Rupee rises 5 paise against U.S. dollar in early trade
The rupee traded in a narrow range and appreciated 5 paise to 87.67 against the U.S. dollar in early trade on Thursday (August 7, 2025), after U.S. President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods over New Delhi's continued imports of Russian oil. Forex traders said Mr. Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent — making them among the most heavily taxed U.S. imports globally. At the interbank foreign exchange, the domestic unit opened at 87.69 against the U.S. dollar then touched an initial high of 87.67, higher by 5 paise over its previous close. On Wednesday (August 6), the rupee rebounded from a record low level and closed 16 paise higher at 87.72 against the U.S. dollar. Mr. Trump's tariffs on Indian exports are likely to hit sectors such as textiles, marine and leather exports hard and was slammed by India as "unfair, unjustified and unreasonable". With this action singling out New Delhi for the Russian oil imports, India will attract the highest U.S. tariff of 50 per cent along with Brazil. The United States has imposed this additional tariff or penalty for Russian imports only on India while other buyers such as China and Turkey have so far escaped such harsh measures. The 30 per cent tariff on China and 15 per cent on Turkey is lower than India's 50 per cent. "The escalation adds to concerns over the economic impact. If no breakthrough happens within the 21-day window, FY26 GDP growth may have to be revised below 6 per cent, factoring in a 40–50 basis point hit — twice the earlier estimate from tariff effects," CR Forex Advisors MD Amit Pabari said. Mr. Pabari further noted that amid these rising tensions and economic concerns, the rupee remains vulnerable and could see further downside as uncertainty continues to mount. Meanwhile, the Reserve Bank of India opted to hold the repo rate steady at 5.50 per cent and retained a neutral stance during its latest policy review. "The decision suggests policymakers are adopting a wait-and-watch approach as they weigh the uncertain trade backdrop against an already slowing global economy," Mr. Pabari said, adding that the room for manoeuvre is tightening. India's foreign exchange reserves fell by $9.3 billion to $688.9 billion as of August 1, reflecting Central Bank's active rupee defence operations amid rising external stress, he said. Meanwhile, Brent crude prices rose 0.99 per cent to $67.55 per barrel in futures trade. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 98.21. In the domestic equity market, Sensex dropped 335.71 points to 80,208.28 in early trade, while the Nifty declined 114.15 points to 24,460.05. Foreign institutional investors (FIIs) offloaded equities worth ₹4,999.10 crore on a net basis on Wednesday, according to exchange data.
The Hindu
5 minutes ago
- The Hindu
Trump's broad tariffs go into effect, hit goods from major U.S. trading partners
President Donald Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday (August 7, 2025), testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners. U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them. "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!," Mr. Trump said on Truth Social just ahead of the deadline. Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April. But since then, Mr. Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. Tariffs on India The initial 25% tariffs announced by U.S. President Donald Trump on Indian imports came into effect on Thursday (August 7, 2025). Last week, the White House announced that India will face tariffs of 25% after Mr. Trump issued an executive order listing the various duties that Washington will impose on exports from countries around the world. In addition to the 25% tariff announced last week, Mr. Trump on Wednesday (August 6, 2025) imposed another 25% levies on India for its purchases of Russian oil, bringing the total duties slapped on India to 50%, among the highest imposed by the U.S. on any country in the world. Eight major trading partners accounting for about 40% of U.S. trade flows have reached framework deals for trade and investment concessions to Mr. Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%. "For those countries, it's less-bad news," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington. "There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," Reinsch said. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Mr. Trump's order has specified that any goods determined to have been transshipped from a third country to evade higher U.S. tariffs will be subject to an additional 40% import duty, but his administration has released few details on how these goods would be identified or the provision enforced. Trump's July 31 tariff order imposed duties above 10% on 67 trading partners, while the rate was kept at 10% for those not listed. These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Mr. Trump said on Wednesday the microchip duties could reach 100%. China is on a separate tariff track and will face a potential tariff increase on August 12 unless Mr. Trump approves an extension of a prior truce after talks last week in Sweden. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine.
