Putin Hails India’s IT Prowess as BRICS Dominates Global Growth

At the SPIEF 2026, Russian President Putin praised India's leading role in the IT industry and highlighted BRICS' growing economic influence, surpassing the G7. With BRICS nations contributing significantly to global GDP growth, Putin predicts continued expansion and investment allure within these emerging markets.

Russian President Vladimir Putin applauded India's significant position in the IT industry during his address at the St. Petersburg International Economic Forum (SPIEF) 2026. India, characterized as a vital partner by Putin, is recognized for its substantial contribution to the global software market.

Putin pointed out that the BRICS nations' share of the world GDP has risen to 40%, surpassing the G7's share, which remains below 29%. He emphasized that the BRICS consortium is on a trajectory to boost value-added products and create proprietary brands and standards, with almost half the global GDP growth over the past five years attributed to BRICS nations.

The Russian leader further noted that the BRICS had already eclipsed the G7 in 2020, and the gap is expected to widen. As BRICS is predicted to grow over 4% annually while G7 growth will be limited to around 1.1%, Putin underscored the investment potential in these dynamic economies, forecasting a shift in the global trade and financial center.