“Global trade can move forward only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a steadfast advocate of freedom of navigation and the safety of seafarers,” the Prime Minister said.

His remarks came as maritime security and the safety of Indian seafarers featured in his discussions with Russian President Vladimir Putin earlier in the day.

PM Modi-Putin discuss seafarers’ safety

During their bilateral meeting on the sidelines of the BRICS Summit, PM Modi and Putin reviewed progress in India-Russia cooperation across political, economic, defence, energy, space, skill mobility and people-to-people ties.

The two leaders also exchanged views on regional and global developments, including the conflicts in West Asia and the Black Sea region, which have affected maritime trade and the safety and security of Indian seafarers.

The Prime Minister reiterated India’s position that dialogue and diplomacy are the way forward in resolving conflicts and said India stands ready to assist in peace efforts.

Why maritime safety is a concern

The issue has assumed greater significance following an incident in which three Indian seafarers went missing after a US military strike on a tanker in the Gulf of Oman and were later reported dead.

The US said it carried out a “precision” strike on the vessel after it failed to follow instructions and alleged that it was carrying oil from Iran. The development came after the vessel Settebello was attacked off the coast of Oman on June 10.

Of the 24 Indian crew members aboard, 21 were rescued, while three remained missing, according to the Ministry of External Affairs.

PM Modi highlights BRICS’ economic weight

At the BRICS Business Forum, PM Modi also highlighted the growing economic importance of the grouping, saying BRICS countries now represent 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade.

He said the combined GDP of BRICS nations had expanded nearly four-and-a-half times, compared with around two-and-a-half times for the global economy, meaning the bloc’s economic strength had grown at nearly twice the pace of the rest of the world.

PM Modi said India was emerging as a global hub for solutions, with more than 2 lakh registered startups and 120 unicorns. Against the backdrop of global uncertainty and rising trade barriers, he said India was building economic bridges while offering confidence in growth and stability.

The Prime Minister also pointed to India’s efforts to build more resilient supply chains and expand infrastructure, including roads, railways, ports and airports. He highlighted growing capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.

India pushes stronger BRICS business ties

PM Modi called on the BRICS Business Council to prepare a report identifying 10 trade barriers that could be removed. He also urged the grouping to support 100 BRICS startups in scaling up each year and create 1,000 new business partnerships among member countries, with progress reviewed annually.

On digital payments, PM Modi highlighted India’s Unified Payments Interface (UPI), saying it had transformed financial inclusion and digital transactions on a large scale. Around 50 per cent of the world’s real-time payments now take place through UPI, he said.

Calling the event the largest BRICS Business Forum to date, PM Modi said the bloc’s growing economic strength offered fresh opportunities for investment, talent exchange and stronger business partnerships.

He urged the business community to turn BRICS’ expanding economic weight into practical cooperation and solutions that can benefit the wider global economy.