Describing India as a key strategic partner, Russian President Vladimir Putin on Friday hailed the country's technology sector and said it is among the world's leading players in the software industry.
Addressing the Saint Petersburg International Economic Forum, Putin highlighted India's growing influence in the digital economy, saying the country has emerged as one of the foremost players in the global software industry.
"Another key partner of ours is India, which is one of the leading players in the IT industry. It accounts for a significant share of the global software market," Putin stated.
His remarks came during a broader discussion on the rising economic and technological clout of emerging economies, particularly the BRICS grouping.
Over the role of BRICS, he said BRICS nations are playing an increasingly dominant role in driving global growth, outpacing advanced Western economies.
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BRICS countries accounted for nearly half, or 49%, of global GDP growth over the past five years, while the contribution of the Group of Seven (G7) nations stood at about 18%.
According to Putin, “BRICS economies now represent around 40% of global GDP measured by purchasing power parity, compared with less than 29% for the G7,”
He noted that the bloc had already surpassed the G7 in 2020 and said the gap is expected to widen further in the coming years.
The Russian leader also projected stronger economic expansion for BRICS nations, estimating annual growth of more than 4%, compared with around 1.1% for G7 economies.
The expanded BRICS bloc currently comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia, with India holding the grouping's presidency.
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