Addressing the BRICS Business Forum here in Hindi, the Prime Minister said BRICS nations account for 50 per cent of the world's economic growth.
"Despite the recession in the world, the BRICS nations accelerated the economic development, drove millions of people out of poverty and achieved new breakthroughs in technology and innovation. Now, 10 years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future", he said.
Modi said he is happy to be a part of the two-day 11th BRICS Summit.
He said simplifying the intra-BRICS business will increase mutual trade and investment and asked for ambitious targets for business and investment among the BRICS countries.
"Tax and Customs procedures between the five countries are getting easier. The business environment is also getting easier with the collaboration between Intellectual Property Rights and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated," Modi said.
Urging the nations to give suggestions for reducing the cost of trade between the countries, Modi requested them to identify the priority areas in business for the next 10 years and demand for a blueprint of intra-BRICS collaboration.
He said the market size and diversity of the BRICS nations are very beneficial to each other.
"For example, if there is a technology in one BRICS country, then there are raw materials or markets for that in the other nation. Such possibilities are in electric vehicles, digital technology, fertilizers, agricultural products, food processing, etc," Modi said.
He also urged the forum to map such complementarities in the five countries. "I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities."
"There are possibilities to make tourism, business and employment between the countries easier. I thank the President of Brazil for deciding the visa-free entry to Ind. The five countries should also consider mutual Social Security Agreement," Modi said.
He said India has immense possibilities and countless opportunities and invited the nations to take advantage of them to build and grow their presence in India.
"You all are familiar with India's continued progress in indices such as Ease of Doing Business, Logistic Performance and Global innovation. India is the most open and investment-friendly economy in the world due to political stability, predictable policy and business-friendly reforms. By 2024, we want to make India a five-trillion-dollar economy. The infrastructure alone requires USD 1.5 trillion investment," Modi said.
( With inputs from IANS )