‘India is committed to BRICS'
Modi's comments come ahead of the BRICS Summit, which will be held in Rio de Janeiro on July 6-7. 'As a founding member, India is committed to BRICS as a vital platform for cooperation among emerging economies,' Modi said. 'Together, we strive for a more peaceful, equitable, just, democratic and balanced multipolar world order.'
BRICS was initially established, primarily as an economic group, in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. In 2024, the bloc extended full membership to Iran, Egypt, Ethiopia, and the United Arab Emirates. Indonesia became a full member in 2025. Over 30 nations have applied to join the influential organization. Modi left Delhi on Wednesday for a five-nation visit to Ghana, Trinidad and Tobago, Argentina, Brazil, and Namibia.
'I am confident that my visits to the five countries will reinforce our bonds [and] friendship across the Global South, strengthen our partnerships on both sides of the Atlantic, and deepen engagements in the multilateral platforms such as BRICS, the African Union, ECOWAS and the CARICOM,' Modi said.
In June, Indian Foreign Minister S. Jaishankar told news agency AFP that 'strong sentiments' in the Global South regarding the perceived unfairness of the present international order have fueled a desire for change.
In addition to being a founding member of BRICS, New Delhi is also continuing to engage Western countries in what has been called a policy of 'strategic autonomy.' The South Asian nation is a member of the Quad, a diplomatic group that includes Australia, Japan, and the United States, along with India. Jaishankar is presently in Washington for a meeting of its foreign ministers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
9 hours ago
- Russia Today
‘They killed our season – and our hope': Terror turns paradise into ghost town
Two months after a devastating terrorist attack that shocked the world and triggered an unprecedented military escalation between India and Pakistan, the once-bustling valleys of Kashmir now echo with an eerie silence. Despite thousands of Hindu devotees arriving in Kashmir this week for the annual pilgrimage known as Amarnath Yatra – traveling in separate convoys under tightened security to the sacred Amarnath Cave Shrine nestled in the Himalayas – the general tourism industry, which relies on travelers from across India seeking picturesque views and diverse climates, remains quiet. The border region's tourism industry grapples with a blow following the brutal terrorist attack in Pahalgam on April 22 that claimed 26 lives. Twenty-five tourists and one local resident were gunned down, sparking a four-day military conflict between India and Pakistan. The incident sent shockwaves through Kashmir's tourism ecosystem, where such direct attacks on visitors have been rare despite decades of insurgency. Showkat Dar, a 23-year-old cab operator from Tangmarg, exemplifies the human cost of this crisis. Until recently, his business ferrying tourists across Kashmir's scenic destinations was thriving. He owned two commercial SUVs and was financially secure. Today, he struggles to make loan payments on those same vehicles that once symbolized his prosperity. 'Everything changed after Pahalgam,' Dar explains, his voice heavy with concern. 'The tourists stopped coming, and with them, our livelihoods disappeared overnight.' Economic devastation The numbers paint a stark picture of the crisis engulfing Kashmir's tourism sector. According to the Pahalgam Hotels and Owners Association (PHOA), occupancy rates at the region's more than 1,500 hotels have plummeted to a mere 10%. Many establishments report zero occupancy, forcing owners to send staff home indefinitely. 'There are many big hotels with zero occupancy. Many hotels asked their staff to stay home till tourists return,' said Javed Burza, president of the PHOA. 'It was a gruesome and scary incident. Tourism prospects remain bleak as of now.' The broader economic implications are staggering. Tourism contributes approximately 7-9% to Kashmir's economy, making it a crucial pillar of regional prosperity. Tour operators, hotel owners, cafe proprietors, boat operators, and pony handlers are now offering discounts of over 70% in desperate attempts to attract visitors. G. Muhammad, who operates a prominent bed and breakfast facility at Ghat number 2 overlooking Srinagar's famous Dal Lake, represents thousands of business owners caught in this economic maelstrom. This season, optimistic about growing tourist interest, he invested 3 million Indian rupees ($35 000) in hotel renovations, securing the funds through loans. 'From the start of this season I started getting many enquiries for booking. Some even paid advance and there were more than 30 bookings from European backpackers,' Muhammad recounts. 'But after the attack every single booking got canceled and I really do not know how I will sustain because there is no revenue and I have staff to pay, I have a family to feed. I curse the people who did this.' A region's promise interrupted The timing of the attack was particularly cruel, coming at a moment when Kashmir appeared to be turning a corner economically. The Union Territory of Jammu and Kashmir's real Gross State Domestic Product (GSDP) for 2024-25 was projected to grow at 7.06%, with nominal GSDP estimated at 2.6 trillion rupees (around $30 billion) reflecting consistent economic momentum. Between 2019 and 2025, the Union Territory had achieved a compound annual growth rate of 4.89%. Per capita income was expected to reach around 155,000 rupees ($1,814) this financial year, representing a 10.6% year-on-year increase. These figures suggested a region experiencing genuine economic transformation after decade of violence and unrest. Much of this growth was underpinned by what economists term the 'peace dividend.' Terror incidents had dramatically declined from 228 in 2018 to just 46 in 2023 – a nearly 99% reduction. This relative stability had fueled investment, tourism growth, and created space for a renewed economic narrative about Kashmir's potential unrest. Official tourism figures had been encouraging. Jammu and Kashmir recorded 23.5 million tourist arrivals in 2024, up from 21.1 million the previous year. The numbers were seen as evidence of growing confidence and stability in the region. The Indian government had aggressively promoted Kashmir as a safe and attractive destination, even hosting the G20 Tourism Working Group meeting in Srinagar in May 2023. In 2019, the central government made a bold political move by abrogating Article 370 of the Indian constitution, which allowed non-residents to own property in Kashmir. This has played a significant role in shaping the tourism industry and attracting visitors from other regions. Investments in infrastructure, including upgraded roads, expanded airports, and enhanced transportation networks, have improved connectivity and accessibility for travelers both from India and authorities have frequently claimed that Kashmir witnessed unprecedented peace after Prime Minister Narendra Modi's government revoked the region's autonomous status in 2019. Ahead of India's 2024 general elections, Modi celebrated the 'freedom' that had come to the region, arguing that Kashmir was reaching new developmental heights because it was 'breathing freely.' Government officials had pointed to high tourism numbers – approximately 23 million visitors last year and millions more in preceding years – as proof of a significant boom after years of unrest. However, the Pahalgam attacks have once again challenged any notion of lasting peace in the restive valley. While violence has periodically erupted in Kashmir since the insurgency began in 1989, with militants typically targeting security forces and civilians, the brazen killing of tourists has been relatively rare. This rarity made the Pahalgam attack particularly shocking for local businesses and potential visitors alike. Infrastructure hopes amid crisis Ironically, even as the tourism industry faces its current crisis, significant infrastructure developments continue to offer hope for the region's long-term prospects. On June 6, Prime Minister Modi inaugurated the Chenab bridge, an engineering marvel that ranks among the world's highest railway bridges. Modi also launched the Vande Bharat Express, which now covers the 190-kilometer hilly terrain in approximately three hours. The train service witnessed remarkable initial success, with over 4,500 travelers using it in the first four days of operation. Sameer Baktoo, chairman of the Jammu and Kashmir Travel Agents Chapter, believes the railway connection could prove transformative. 'It will be a game-changer because airfares are skyrocketing, and this train journey will be affordable, boosting tourism,' he explained. 'Because of the train, we will get a lot of mid-range tourists who used to come to Katra and go back from there, but now they can come and enjoy Kashmir. We are optimistic that because of the train, tourist footfall will increase.' The path forward The challenge facing Kashmir's tourism industry extends beyond immediate security concerns. Rebuilding confidence among domestic and international tourists requires sustained effort, improved security measures, and consistent messaging about the region's safety. For business owners like Showkat Dar and G. Muhammad, the immediate concern is survival. With loans to repay, staff to compensate, and families to support, they represent thousands of Kashmiris whose economic futures hang in the balance. As Kashmir grapples with this latest setback, the resilience of its people and the inherent appeal of its landscapes suggest that recovery, while challenging, remains possible. However, the timeline for that recovery and the measures needed to achieve it will likely determine the fate of thousands of livelihoods dependent on the tourism industry.
Russia Today
2 days ago
- Russia Today
Indian military to get $12 billion arms boost
New Delhi has approved arms and ammunition purchases worth $12 billion, with a focus on sourcing from domestic industries, the Indian Defense Ministry announced on Thursday. The acquisitions are expected to enhance the capabilities of the Indian armed forces by providing improved mobility, effective air defense systems, enhanced supply chain management, and overall increased operational preparedness, the ministry said. The approval by India's Defense Acquisition Council (DAC) will cover the purchase of armoured recovery vehicles, an electronic warfare system, an integrated common inventory management system, and surface-to-air missiles. The green light was also given to the Indian Navy to buy moored mines, mine countermeasure vessels, super rapid gun mount, and submersible autonomous vessels, the Defense Ministry said. 'The procurements will enable mitigation of potential risks posed to the naval and merchant vessels,' it added. The approvals are part of New Delhi's push to develop its domestic arms industry. India, which is one of the world's top defense importers, has historically relied on Russia for equipment as well as technology. India Goes Indigenous with $12 Billion+ for Missiles & Vehicles - After Performance of Akash & S-400The Defence Acquisition Council (DAC) has signed off electronic warfare systems, armoured vehicles & surface-to-air missiles for the 🇮🇳 Armed suggests one thing -… Russia and India are increasingly moving towards joint production of weapons. BrahMos Aerospace, a joint Indo-Russian venture, named after the Brahmaputra and Moskva rivers, was launched in 2005. India's Defense Research and Development Organization has a 50.5% stake in the company, while Russian NPO Mashinostroyenia holds 49.5%. BrahMos supersonic cruise missiles were put to effective use by India during its four-day military confrontation with Pakistan in May. INS Tamal, a Russian-made Krivak-class frigate that was handed over to India this week, has 26% Indian components. It was built at the Yantar shipyard in Kaliningrad, and its construction was monitored by Indian specialists from the Warship Overseeing Team. In March this year, DAC granted initial approval for arms and equipment purchases exceeding $6.26 billion. The proposed acquisitions include upgraded engines for the Indian Army's Russian-made T-90 battle tanks, additional anti-submarine torpedoes for the navy, and airborne early warning and control systems for the air force.
Russia Today
2 days ago
- Russia Today
Indian diaspora remittances reach record high
The Indian diaspora sent a record $135.46 billion in remittances to the country in the 2024-25 fiscal year, the Economic Times newspaper reported, citing central bank data. Marking a 14% rise from the previous year, remittances, reflected as 'private transfers', accounted for over a tenth of gross current account inflows of $1 trillion, according to the report. 'India's remittance receipts have generally remained higher than India's gross inward foreign direct investment flows, thus establishing their importance as a stable source of external financing,' the newspaper cited a report by the staff of the Reserve Bank of India as saying. In the 2024-25 fiscal year, the largest source of remittances to the South Asian nation was the US, which accounted for 27.7% of the total, according to the Indian Express newspaper. Other major sources included the UAE (19.2%), UK (10.8%), and Saudi Arabia (6.7%). India was the top recipient country for remittances in the 2024 calendar year, according to the World Bank. The bank estimated the total value of remittances sent to the country at $129 billion. The South Asian nation was followed by Mexico ($68 billion), China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion). 'The strong growth in remittances has persisted despite a weakness in crude oil prices,' Gaura Sengupta, chief economist at IDFC First Bank told the Economic Times. 'This is a result of a rising share of the skilled labor force migrating to developed markets such as the US, UK and Singapore.' However, potential economic slowdowns in advanced economies as well as new policies in countries such as the US could pose a threat to remittances to the South Asian nation and other countries throughout the Global South. On Tuesday, the US Senate passed President Donald Trump's 'One Big Beautiful Bill Act,' which introduces a new tax on overseas money transfers by non-citizens. Under this legislation, all remittances made through cash, money orders, or cashier's cheques face a 1% remittance tax.
