PM Modi, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping.
Kazan (Russia): Due to the tremendous diplomacy of PM Modi, India has completely succeeded in becoming the leader of the Global South. The situation of the countries of the Global South which used to be ignored on global forums has now become such that other countries are also forced to support their voice on all international forums. Even in the recent United Nations Security Council conference held in New York, Prime Minister Narendra Modi had given priority to the voice of the Global South. Other countries including the UN also supported this. Now it was the turn of BRICS. Here also Prime Minister Modi strongly emphasized the development and problems of the Global South. Russia also fully supported this initiative of PM Modi. But this made neighboring China nervous.
At the BRICS summit, PM Modi argued that the hopes, aspirations and expectations of the countries of the ‘Global South’ should be kept in mind. He said the term ‘Global South’ came into use in the 1960s. The term is generally used for regions of Latin America, Asia, Africa, and Oceania. In particular, this means countries outside Europe and North America, in the Southern Hemisphere and the equatorial region, which are mostly low-income and politically backward. Earlier, on the UN platform, PM Modi had advocated giving loans at affordable rates to the countries of the Global South to make them debt free.
PM Modi praised New Development Bank
PM Modi highly appreciated the role of the New Development Bank in the development of the countries of the Global South. He said that I congratulate the President of New Development Bank, Dilma Rousseff. This bank has been emerging as an important option for the development of the countries of the Global South in the last 10 years. He said that the opening of GIFT City in India has strengthened the activities of this bank. NDB should continue working on this. Demand-driven principles and ensuring long-term financial sustainability, healthy credit rating and market access should be prioritized while expanding the bank. After India, Russia also made a big announcement for the Global South. After this, seeing the Global South slipping out of his hands, Xi Jinping was also forced to support these backward countries with a heavy heart.
President Putin’s big gift to the Global South, announced this
Russian President Vladimir Putin supported India’s initiative and gave a big gift to the countries of the Global South. He said, we propose to establish a new investment platform of BRICS. It will be the new BRICS global investment platform to provide financial resources to all countries of the Global South. We need to jointly promote a low-emission model of the economy. Jinping became restless after seeing Russia also supporting India in becoming the voice of the Global South. After that he also had to raise the issue of his rights.
China was forced
After India and Russia clearly supported the Global South, China was also forced to raise its voice for its rights. Chinese President Xi Jinping said during this time that we need to increase the presentation and voice of the countries of the Global South. For this, we should deepen financial and economic cooperation with the countries of the Global South. China is afraid that the increasing trust of the Global South on India might force China out of those countries, because China has been trying to establish its dominance over the Global South for a long time.
BRICS represents one-fourth of the world’s economy
PM Modi said that ‘BRICS’ organization represents one-fourth of the world’s economy. The Prime Minister described it as an organization which has the will to change itself with the times. “The BRICS grouping, made up of diverse perspectives and ideologies, is a source of inspiration for the world, promoting positive cooperation,” he said. It is based on “our diversity, mutual respect and consensus.” Our tradition of moving forward is the basis of our cooperation.
Who are the members of BRICS?
Brazil, Russia, India, China and South Africa are the main members of BRICS and the group represents a quarter of the global economy. ‘BRIC’ emerged as a formal grouping after the leaders of Brazil, Russia, India and China met in St Petersburg in 2006. It was agreed to expand ‘BRIC’ to include South Africa in 2010 as ‘BRICS’. The group was expanded last year, the first such exercise since 2010. The new BRICS member countries include Egypt, Ethiopia, Iran and the United Arab Emirates. Now Russian President Putin has claimed that the number of its member countries will gradually reach 30.
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