Times of Oman
Nov 29, 2015 LAST UPDATED AT 04:39 PM GMT
Prime Minister Narendra Modi vows to work for global economic growth, stability
July 14, 2014 | 12:00 AM
Prime Minister Narendra Modi waves as he leaves for Brazil to attend the five-nation BRICS summit, in New Delhi, on Sunday. Photo - PTI

New Delhi: Indian Prime Minister Narendra Modi on Sunday embarked on his first multilateral engagement to Brazil to attend a two-day BRICS Summit, pinning hope on a proposed development bank which aims to support growth and stability in the group's five nations as well as benefit other developing countries.

Modi left the Indian capital for Brazil by a special aircraft, following an invitation from Brazilian President Dilma Rousseff to attend the sixth BRICS Summit in the northeastern coastal city of Fortaleza on July 15 and in Brasilia the next day.

In the Brazilian capital, the leaders of BRICS group (Brazil, Russia, India, China and South Africa) will meet South American leaders. In a pre-departure statement, the Indian PM, whose hardline Hindu nationalist BJP swept to power in the general elections in May, said that Delhi "attaches high importance to the BRICS forum for promoting global economic growth, peace and stability".

Modi said he was looking forward to discussions with BRICS leaders to further advance intra-BRICS economic cooperation and "our collective efforts to advance global economic stability and prosperity".

He was, in fact, very optimistic about the two major economic initiatives which will further economic cooperation to advance global economic stability and prosperity

Growth and stability
"In particular, I look forward to the successful conclusion of major BRICS initiatives, like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in the Indian capital in 2012. These initiatives will support growth and stability in BRICS and also benefit other developing countries," said the prime minister. Saying that the world leaders would be meeting at a time of political turmoil, conflict and humanitarian crisis in several parts of the world, and persisting weakness and risks in the global economy, the prime minister  said: "Many emerging economies have experienced a slowdown, which has increased the challenge of pursuing inclusive and sustainable economic development."

He added: "I look at the BRICS Summit as an opportunity to discuss with my BRICS partners how we can contribute to international efforts to address regional crises, address security threats and restore a climate of peace and stability in the world."

The Summit will also be an occasion for the Indian prime minister to meet Russian President Vladimir Putin and Chinese President Xi Jinping and discuss issues of bilateral importance.  

"I look forward to meaningful meetings with them to intensify bilateral relations and exchange views on global and regional developments."

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