In New Delhi, Putin pitches BRICS investment platform, says bloc’s growth outpaces G7 - ‘World is always changing’

Russian President Vladimir Putin has pitched a new investment platform to fund projects in trade, infrastructure, logistics and technology across BRICS. Putin, who is visiting India, also stressed that the grouping's expanding economic cooperation was "not against anyone" and aimed instead at advancing the national interests of its members.

Addressing a gathering of BRICS business leaders on Friday ahead of the summit, Putin said Russia was ready to work with partners on infrastructure and logistics projects, including the Arctic Transport Corridor and North-South Transport Corridor, as well as cooperation in technology, artificial intelligence, unmanned transport, finance, tourism and industry.

"We are not against anyone," Putin said. "We are in favour of our interests," while asserting that BRICS remained open to cooperation with the wider world.

Putin said the proposed digital investment platform built on the framework of the New Development Bank (NDB) would seek to mobilise private-sector funding and make BRICS economies more competitive. He expressed hope that other BRICS members would support the initiative.

"We need funding," Putin said, adding that the NDB was already doing significant work but could provide the basis for a broader investment mechanism.

BRICS members have been exploring ways to increase development financing, infrastructure investment and the use of local financial resources while reducing dependence on traditional Western-led financial institutions.

Putin's Swipe at G7

The proposal came as Putin highlighted what he described as a major shift in the global economic balance towards BRICS economies. He said more than 40 per cent of global GDP had been produced by BRICS countries over the past five years, compared with 29 per cent for the G7, while BRICS accounted for more than half of global economic growth during the period.

The G7 (Group of Seven) is an informal forum of seven of the world's most advanced industrialized economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

"The world is always changing," he said, arguing that the economic weight of the traditional growth centres of the second half of the 20th century was being replaced by new engines of growth.

The Russian President framed the expanding BRICS economic architecture as an effort to advance national interests rather than exclude other countries.

He argued that cooperation among governments, businesses and academia was helping BRICS build a resilient platform for global growth based on innovation and national priorities.

"The most important elements of this growth are not being imposed on anyone from the outside," Putin said.

Putin's remarks underline the increasingly economic character of the BRICS agenda, with business-to-business links, infrastructure corridors, technology cooperation and alternative sources of investment emerging alongside the grouping's broader geopolitical ambitions.

Putin cites Mahindra

Putin cited Indian company Mahindra as one of several BRICS corporate success stories, highlighting its work in IT and artificial intelligence alongside China's Huawei, Brazil's Embraer, UAE-based TPO and Russia's Rosatom.

He said the rise of national companies across BRICS reflected the strength of the grouping's large domestic markets, rapid urbanisation and expanding technological capabilities.

The rise of BRICS companies, he said, was the product of intense competition and sustained investment in business, science, education and engineering.

Putin said Russia itself was pursuing large-scale technological innovation in areas including AI, autonomous systems, digital platforms and financial technology, relying on domestic solutions as well as technologies developed with BRICS partners.

The Russian President, who is on a three-day visit to India, placed infrastructure and logistics at the centre of his call for deeper business-to-business ties, saying stronger economic partnerships would help BRICS countries build more resilient economic relationships.

He identified the Arctic Transport Corridor and the North-South Transport Corridor as key areas where Russia could work with partners, alongside efforts to strengthen energy and food security.

He also called for greater cooperation in personnel training and applied research in smart technologies and unmanned transport.

Russia, he said, had established a national committee for business cooperation comprising more than 40 major Russian companies to develop substantive programmes with foreign partners.

Putin rejected the idea that Russia or BRICS was seeking economic isolation, saying Moscow was ready to cooperate with both existing and new partners.

"We are open to working with the whole world," he said, adding that the BRICS Business Council could provide additional momentum to trade and economic ties and help advance projects in infrastructure, logistics, finance and technological cooperation.

Putin slams sanctions and other restrictions

At the same time, Putin sharply criticised sanctions and other restrictions, arguing that global competition was increasingly taking on ‘ugly’ forms that included trade restrictions, pressure on transport routes and secondary sanctions.

Putin criticised Western trade and financial restrictions and pointed to attacks on pipelines, efforts to obstruct international transport corridors and seize maritime vessels, as well as the use of unilateral restrictions and the threat of secondary sanctions against countries that refuse to align with the interests of other powers.

Citing pipeline disruptions, attempts to block international transport corridors, seizures of maritime vessels and the use of secondary sanctions, he claimed Russia had faced more than 30,000 sanctions.

Despite the pressure, Putin said Russia had strengthened its national sovereignty and deepened ties with what he described as reliable and predictable partners. He also claimed that Russia’s economy had grown faster than the global average over the past three years.

‘BRICS a broader change in global economy’

Putin argued that the growing role of BRICS reflected a broader structural change in the global economy, with emerging economies becoming increasingly important sources of growth.

The objective, he said, was to build a resilient platform for global growth through cooperation among governments, businesses and academia, with each country prioritising its own national interests while working with partners on an equal footing.

BRICS, originally comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, with Indonesia joining in 2025.

Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam became BRICS partner countries last year.

(With agency inputs)