&w=3840&q=100)
India diversifying markets amid trade restrictions: FM Nirmala Sitharaman
The meeting was held on 5 May in Rio de Janeiro. A post on the Ministry of Finance's social media platform on Monday said that the Finance Minister underlined India's view that BRICS is a vital platform for advancing inclusive multilateralism.
'…and especially when global institutions are facing a crisis of legitimacy and representation, BRICS must lead by example by reinforcing cooperation, advocating credible reforms, and amplifying the voice of the Global South,' Sitharaman added.
The Finance Minister said that while South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action. 'BRICS countries are well-placed to deepen cooperation on sustainable development,' she said.
Addressing the FMCBG, Sitharaman also highlighted how India had demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
21 minutes ago
- Indian Express
Express View: For India, is BRICS worth it?
The 2025 BRICS Summit in Rio de Janeiro, Brazil ended over the weekend with a wide-ranging declaration on global and regional issues. But few outside the hapless desk officers in various foreign offices around the world and policy wonks in think tanks would want to pore over the 126-paragraph, 47-page, over-16,000-word declaration. With such familiar phrases as 'multipolar world', 'Global South', 'inclusive', 'sustainable' and 'global governance', it will certainly impress the enthusiasts who see BRICS as a powerful instrument to upend the global order. Many in the West do fear BRICS for the same reason. There is no reason to believe that US President Donald Trump would have had the time to read the long declaration, but he has repeated his earlier claim that BRICS is 'anti-American' and threatened to impose additional tariffs on members of the forum. But the hopes and fears of BRICS engineering a global transformation are misplaced. For, the forum is riddled with several contradictions of its own and its grasp has always been larger than its reach. As irony would have it, if anyone is trying to build a 'post-American order', it is Trump. In less than six months, he has overturned many traditional assumptions about US global policies and is seeking to radically overhaul the international system that Washington built after World War II and that was modified by it at the turn of the 1990s. Consider, for example, the BRICS talk about reforming the Bretton Woods system; Trump is doing precisely that by pressing for change at the World Bank and the International Monetary Fund. The BRICS call to save the World Trade Organisation is a sad (and hypocritical) cry in the wilderness with Trump well on his way to demolishing the rule-maker for world commerce. Even more damaging is that leading members of BRICS have been queuing up in Washington to negotiate bilateral deals with Trump holding a gun to their heads. They are not saving the WTO but protecting their own national trade with America by looking for bilateral deals. China has cut a limited deal. Vietnam, another communist country, announced a trade deal of its own. India hopes that its intensive trade negotiations with Trump's Washington in the past few months will bear fruit this week. Equally far-fetched is the idea that members of BRICS can submerge their bilateral differences to collectively blunt American dominance. For India, the economic and security challenges presented by China are much bigger than those posed by American hegemony. Two BRICS states — Saudi Arabia and the UAE — are as worried as Israel and the US about the nuclear weapons programme of a third member, Iran. But here is the rub. Trump's actions to overhaul the global economic, financial, and security order have produced great global churn. The Rio declaration has no answers, only hot air, in response to the Trump challenge. The circumstances that persuaded India to found BRICS and promote it for three decades are no longer present. Yet the political groupthink in Delhi is so entrenched that no questions are asked about the virtue of India investing so much political and diplomatic capital in a forum that does little to serve the country's current interests. With India taking over the chair of BRICS, the time to ask those questions is now.


Hans India
39 minutes ago
- Hans India
India to chair brics next year: Will define BRICS in new form says PM Modi
Rio de Janeiro: Prime Minister Narendra Modi on Monday said India would redefine the BRICS grouping under its upcoming chairmanship by focusing on "Building Resilience and Innovation for Cooperation and Sustainability." Addressing the BRICS Summit in Brazil, Modi affirmed that New Delhi would carry forward the spirit of people-centric progress during its leadership of the bloc comprising Brazil, Russia, India, China, and South Africa. "In the coming year, under India's BRICS Chairmanship, we will continue close cooperation on all subjects," the Prime Minister said. The PM underlined how India's presidency of the G20 elevated the concerns of the developing world and promised a similar approach for BRICS. "Just as during our G-20 Presidency, we ensured inclusivity and prioritized issues of the Global South in the agenda," he said, "In the same way, during our BRICS Chairmanship, we will take this forum forward with a people-centric approach and the spirit of Humanity First." This message of unity and collaboration was reflected earlier in the day, as Prime Minister Narendra Modi, along with other BRICS leaders, partners and outreach invitees, gathered for the traditional family photo at the 17th BRICS Summit in Rio de Janeiro on Monday morning. The summit brought together leaders and representatives from BRICS nations and partner countries to discuss cooperation and strategic partnerships, marking a significant moment of unity and collaboration among the countries that the grouping represents. Hosted by Brazil from July 7 to July 9, the summit saw leaders from Brazil, Russia, India, China, South Africa, and new members Egypt, Ethiopia, Iran, the UAE, and Indonesia come together during the event. Prime Minister Narendra Modi participated in the 17th BRICS Summit being held in Rio de Janeiro, Brazil on July 6-7, 2025, the Prime Minister's Office (PMO) said in a statement. During the summit, the leaders held productive discussions on various issues on the BRICS agenda, including reform of global governance, enhancing the voice of the global south, peace and security, strengthening multilateralism, development issues, and Artificial Intelligence. Modi thanked the President of Brazil for his warm hospitality and the successful organisation of the Summit, the statement added.


The Hindu
40 minutes ago
- The Hindu
The Hindu Morning Digest: July 8, 2025
Trump to put 25% tariffs on Japan and South Korea, new import taxes on five other nations President Donald Trump on Monday (July 7, 2025) set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar, all of which would go into effect on August 1. Mr. Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. India will give a 'new form' to BRICS grouping in 2026: PM Modi India will attempt to give a 'new form' to the BRICS next year, said Prime Minister Narendra Modi in his intervention at the grouping's summit in Rio De Janeiro on Monday (July 7, 2025), as the Indian side prepared to take over the leadership of BRICS from current president Brazil. In Bihar SIR challenge, Supreme Court refers to 1977 verdict on Election Commission's powers Even as a pitched legal battle lies ahead for the Special Intensive Revision (SIR) exercise in Bihar, the Supreme Court on Monday (July 7, 2025) drew petitioners' attention to a judgment which observed that the Constitution does not 'exalt' the Election Commission as a 'law unto itself'. Immediately stop Special Intensive Revision of electoral rolls in Bihar, say INDIA bloc leaders Demanding a halt to the Special Intensive Revision (SIR) of electoral rolls in poll-bound Bihar, INDIA bloc leaders on Monday (July 7, 2025) criticised the Election Commission of India (ECI), and said the poll body was in a confused situation. Addressing a press conference in Patna, Rashtriya Janata Dal (RJD), Congress, Vikassheel Insaan Party (VIP) and the Left parties said the ECI should not create doubts in the minds of common people and end the complex processes to strengthen democracy. Over 30 crore workers, farmers will join strike against govt.'s policies, say trade unions About 30-40 crore workers and farmers will participate in the general strike on Wednesday (July 9, 2025), claimed leaders of 10 central trade unions in New Delhi on Monday (July 7, 2025) while addressing a joint press conference. The leaders said preparations for the strike were complete and workers had supported the 17-point charter of demands of the strike, called against the Union government's policies. Ethnic conflict in Myanmar drives 4,000 Chin people to Mizoram A battle between two ethnic armed groups in Myanmar has forced some 4,000 Chin people in the country to take refuge in Mizoram. Officials in Mizoram's Champhai district said waves of Myanmar nationals began crossing a border bridge at Zokhawthar and the Tiau River since the gunfights broke out on July 3, 2025. The river demarcates a part of the 510 km border between Mizoram and Myanmar. Five members of family burnt alive in Bihar's Purnia district on allegation of witchcraft Five members of a family, three of them women, were burnt alive in Purnia district of Bihar over allegations of practising witchcraft, the police said. The incident took place on Sunday (July 6, 2025) night at Tetgama village under Muffasil police station limits. Lula tells Trump that world does not want 'emperor' after U.S. threatens BRICS tariff Developing nations at the BRICS summit on Monday (July 7, 2025) brushed away an accusation from President Donald Trump that they are 'anti-American,' with Brazil's President saying the world does not need an emperor after the U.S. leader threatened extra tariffs on the bloc.