PM Modi focusses on development in Brics plenary speech in Xiamen | world news | Hindustan Times
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PM Modi focusses on development in Brics plenary speech in Xiamen

Developing economies of Brazil, Russia and South Africa are the other countries being hosted by China for the summit that comes a week after it hurriedly resolved a 10-week border standoff with India.

world Updated: Sep 04, 2017 12:16 IST
Sutirtho Patranobis
PM Narendra Modi attends a plenary session of BRICS Summit, in Xiamen, China September 4, 2017.
PM Narendra Modi attends a plenary session of BRICS Summit, in Xiamen, China September 4, 2017.(Reuters Photo)

Indian Prime Minister Narendra Modi on Monday called for a strong partnership between Brics countries to spur innovation and growth, saying the five-member bloc could contribute to stability in a world “drifting towards uncertainty”.

Addressing the plenary session of the ninth Brics summit that opened in China’s port city of Xiamen, Modi talked about renewable energy and stronger economic ties but steered clear of sensitive topic of cross-border terrorism, which he is expected to bring up during a series of bilateral meetings.

“Affordable, reliable, and sustainable access to energy is crucial for the development of our nations. Renewable energy is particularly important,” Modi said.

Developing economies of Brazil, Russia and South Africa are the other countries being hosted by China for the summit that comes a week after it hurriedly resolved a 10-week border standoff with India.

The drift in ties will be the focus as Modi will on Tuesday hold a bilateral meeting with Chinese President Xi Jinping, with sources saying India was keen to put the Doklam impasse behind.

A warm handshake between the two at the start of the summit seemed liked a good start.

“Brics has developed a robust framework for cooperation, contribute stability and growth in a world drifting towards uncertainty,” Modi said.

He also called for a Brics rating agency to cater to financing needs of sovereign and corporate entities of developing countries, backing a greater cooperation between the central banks.

“Our central banks must further strengthen their capabilities and promote co-operation between the contingent reserve arrangement and the International Monetary Fund,” he said.

The Indian leader said the member countries should work closely with the international solar alliance to boost renewable energy.

Clean energy is an area of interest for India, which has set a target of meeting 40% of its energy needs -- 175 gigawatts (GW) -- through clean resources by 2022, with 100 GW coming from solar power.

The members should try to work in diverse areas of agriculture, culture, and environment.

“We are in mission-mode to eradicate poverty, to ensure health, sanitation, skills, food security, gender equality, energy and education,” Modi said, as he pitched for digital economy to promote transparency.

And the economies of Brazil, Russia and South Africa are driven largely by raw material exports and have been hit by slumping commodity prices, while China and India are oriented more toward manufacturing and services.

(With agency inputs)