**India Advances Key BRICS Initiatives Ahead of Leaders’ Summit**
New Delhi, India – As the 18th BRICS leaders' summit approaches, Russian Ambassador to India, Denis Alipov, highlighted India's significant progress on several initiatives supported by Russia. These initiatives include cross-border payment systems, a proposed grain exchange, and the establishment of a new investment platform. The summit is set to commence on Saturday, with India currently holding the rotating chairmanship of the BRICS bloc.
Ambassador Alipov noted that Russian President Vladimir Putin arrived in New Delhi on Friday and is scheduled to engage in discussions with Indian Prime Minister Narendra Modi, as well as address the BRICS Business Forum. He emphasized the collaborative efforts made in advancing various projects that were initially proposed by previous BRICS chairs and by Russia during its presidency in 2024.
Among the key proposals backed by Russia are mechanisms designed to facilitate cross-border payments, a BRICS grain exchange, and a new investment platform aimed at enhancing economic cooperation among member nations. Additionally, Alipov mentioned ongoing work on BRICS Clear, a proposed settlement and depository mechanism, which aims to streamline financial transactions within the bloc.
In addition to the initiatives supported by Russia, India has also introduced its own proposals aimed at fostering collaboration within BRICS. These include efforts to enhance cooperation on smart grids and energy storage, the establishment of a startup innovation hub, an incubator network, and a logistics and supply-chain framework. Alipov remarked that these discussions reflect a broader commitment within BRICS to deepen economic and financial cooperation alongside political and security initiatives.
The agenda for the summit encompasses a wide range of topics, including trade and investment, the increased use of national currencies in settlements, energy cooperation, healthcare, artificial intelligence, and scientific innovation. Under India's presidency, over 350 meetings and high-level engagements have taken place across more than 25 cities, demonstrating a proactive approach to enhancing cooperation among member states.
The discussions have focused on three primary areas of cooperation: political and security issues, economic and financial ties, and cultural and people-to-people exchanges. India, which previously held the BRICS chairmanship in 2012, 2016, and 2021, assumed the current chairship on January 1, 2023. Alipov characterized India's leadership as a "huge success" and expressed confidence that the upcoming summit would further solidify these advancements.
As the summit approaches, the emphasis on collaboration and mutual support among BRICS nations remains a central theme, with the potential for significant developments in economic and political partnerships.