Russian President Vladimir Putin on Friday took a swipe at the Group of Seven (G7), highlighting the growing economic weight of BRICS and saying the grouping now accounts for more than 40 per cent of global GDP.
Speaking at the BRICS Business Forum in New Delhi ahead of the 18th BRICS Summit, Putin questioned the relevance of the G7 while underlining the increasing contribution of BRICS economies to the global economy.
Putin's remarks came as India hosts the expanded 11-member BRICS grouping under its 2026 presidency. The bloc now represents nearly half of the world's population and around 40 per cent of global economic output when measured by purchasing power parity.
The Russian President said BRICS had become an increasingly important force in the global economy, reflecting a broader shift in economic influence towards emerging and developing countries.
He contrasted the economic weight of BRICS with that of the G7, a grouping comprising the United States, Canada, France, Germany, Italy, Japan and the United Kingdom.
Putin's comments came amid discussions at the BRICS Business Forum on strengthening trade, investment, financial cooperation and economic ties among member countries.
The expanded BRICS grouping includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. The group has grown significantly since its formation, increasing its demographic and economic footprint on the global stage.
India's presidency has placed a strong focus on trade, investment, supply chains, energy and food security, as well as reforms to global economic governance. The BRICS finance ministers and central bank governors have also called for reforms in institutions such as the International Monetary Fund and World Bank to give emerging economies a stronger voice.
Putin's remarks also come amid heightened geopolitical tensions, including the conflicts in West Asia and Ukraine, which have disrupted trade, energy supplies and global supply chains.
Earlier on Friday, Putin held talks with Prime Minister Narendra Modi in New Delhi. The two leaders discussed bilateral cooperation as well as developments in West Asia and the Black Sea region, with particular attention to their impact on maritime trade and the safety of Indian seafarers.
India and Russia have also been seeking to expand their economic relationship, with the two countries aiming to increase bilateral trade to $100 billion by 2030 from nearly $70 billion in 2024-25. Energy remains a key component of the relationship, with India continuing to rely on Russian crude amid disruptions in supplies from the Middle East.
The 18th BRICS Leaders' Summit will be held in New Delhi on September 12 and 13, bringing together leaders of the expanded grouping at a time of significant geopolitical and economic uncertainty.
