Putin’s ‘40%’ G7 Dig: BRICS’ Share Of Global GDP Far Outpaces Western Bloc

Putin’s BRICS-G7 Comparison: ‘40%’ Global GDP Share Highlights Shifting Economic Power

Russian President Vladimir Putin used the BRICS Business Forum in New Delhi on Friday to highlight what he described as a major shift in the global economic balance, contrasting the economic weight of BRICS with that of the G7.

Putin said BRICS countries have accounted for more than 40 per cent of global GDP over the past five years, compared with 29 per cent for the G7. Prime Minister Narendra Modi later cited similar figures while arguing that the expanded BRICS grouping has emerged as a major force in the global economy.

“Over the last five years, more than 40 per cent of the world GDP has been produced by the BRICS countries,” Putin said, adding that the contribution of the G7 stood at 29 per cent.

He argued that the figures reflected a broader transformation in the global economic order.

“The world is always changing,” Putin said, describing the current period as one of “structural, deep, profound shifts”. He said countries that once dominated global economic growth were increasingly being joined by “new engines of growth”.

Putin Accuses West Of Using ‘Ugly’ Competition

Putin also criticised Western economic policies, accusing Western countries of attempting to protect their former competitive advantage.

“We have been told for quite some time that competition is sacrosanct,” he said, while alleging that Western competitors were using increasingly aggressive methods.

He referred to the destruction of pipelines, attempts to block international transport corridors and the seizure of maritime vessels.

Putin did not directly name Iran while making the reference, but his remarks appeared to echo concerns raised over the Strait of Hormuz crisis amid the US war with Iran.

He also criticised sanctions imposed on Russia following the Ukraine conflict and warned against what he described as “secondary sanctions” targeting countries that refuse to follow another nation’s economic interests.

Russia Says More Than 30,000 Sanctions Have Been Imposed

Putin claimed that more than 30,000 sanctions have been imposed on Russia, saying the number was twice as high as the sanctions imposed on all other countries combined.

Despite the pressure, he said Russia had strengthened its economic and national capabilities by relying on domestic businesses, science, education, engineering and its workforce.

“We have reinforced our national sovereignty; we are developing ties with reliable, predictable partners,” Putin said.

His remarks came as BRICS seeks to deepen economic cooperation among its expanded membership and strengthen its role in a changing global order.

Modi Highlights BRICS’ Economic Weight

Prime Minister Narendra Modi reinforced Putin’s argument in his concluding address at the BRICS Business Forum.

“Today, BRICS nations represent 50 per cent of the world’s population, 40 per cent of its GDP, and over 25 per cent of global trade,” Modi said.

He also pointed to the pace of economic expansion within the grouping.

According to Modi, global GDP has grown roughly two-and-a-half times over the period, while the combined GDP of BRICS nations has expanded nearly four-and-a-half times.

“In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world,” he said.

Modi also described BRICS countries as emerging centres for innovation, technology and new economic solutions.

He said the scale of the gathering demonstrated the growing importance of the grouping, describing the New Delhi event as the largest BRICS Business Forum held so far.

• BRICS Has Expanded Beyond Its Original Five
• BRICS began with Brazil, Russia, India and China, with South Africa joining later.

The grouping has since expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia, taking the number of full members to 11.

It also has 10 partner countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam.

The G7, by comparison, comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union also participating.

The contrasting figures cited by Putin and Modi underline the competing economic narratives surrounding the two groupings.

India Pushes For More Trade And Business Cooperation

The BRICS Business Forum is the grouping’s principal private-sector platform and is held annually in the country hosting the leaders’ summit.

At its opening ceremony, Commerce Minister Piyush Goyal said India’s BRICS chairship had focused on promoting more balanced trade between member countries and expanding trade in services.

He said India wanted the benefits of greater BRICS cooperation to reach farmers, women entrepreneurs, young businesses and micro, small and medium enterprises.

The emphasis reflects India’s broader effort to position BRICS not only as a geopolitical platform but also as a mechanism for deeper commercial and economic cooperation.

Modi And Putin Discuss Wars And Maritime Security

Putin’s remarks came on the same day that he held bilateral talks with Modi on the sidelines of the 18th BRICS Summit in New Delhi.

It was the leaders’ second meeting this year after their August 31 talks on the sidelines of the Shanghai Cooperation Organisation summit in Bishkek, Kyrgyzstan.

According to the Indian Ministry of External Affairs, Modi and Putin reviewed bilateral cooperation in politics, trade, defence, energy, space, skill mobility and people-to-people ties.

They also discussed major regional and global issues, including the conflicts in West Asia and the Black Sea region.

The conflicts have had direct implications for maritime trade and the safety of Indian seafarers.

Modi reiterated India’s position that dialogue and diplomacy remain the way forward for resolving conflicts and said New Delhi was ready to contribute to peace efforts.

Putin Invites Modi To Russia

During the meeting, Putin invited Modi to Russia for the 24th India-Russia Annual Summit.

Modi accepted the invitation, with the dates expected to be finalised through diplomatic channels.

The invitation comes amid heightened tensions in both West Asia and the Russia-Ukraine conflict.

While the US-Israel confrontation with Iran has intensified instability in West Asia, fighting between Russia and Ukraine has also escalated in the Black Sea region.

Modi Repeats India’s ‘No War’ Message

During his August 31 meeting with Putin in Bishkek, Modi had reiterated India’s support for efforts aimed at ending the Ukraine conflict.

“Every day spent in war sets humanity back,” Modi had said, stressing that the world needed to move away from prolonged conflict towards peace.

He also told Putin that India had consistently discussed the Ukraine issue with Russia and supported efforts for a peaceful resolution.

Modi invoked the legacy of Mahatma Gandhi and Gautama Buddha while making the case for diplomacy, saying India’s message remained one of peace.

The Russia-Ukraine conflict began in February 2022.

Months later, at the 2022 SCO Summit in Samarkand, Modi had delivered his now-familiar message to Putin: “Today’s era is not an era of war.”

His latest remarks in New Delhi again placed dialogue and diplomacy at the centre of India’s position as BRICS seeks to navigate an increasingly fractured global order.