Russian President Vladimir Putin on Friday (June 5) praised India’s growing role in the global technology sector and said the BRICS bloc has emerged as a major driver of global economic growth, surpassing the G7 in terms of share of world GDP.
Speaking at the St. Petersburg International Economic Forum 2026, Putin described India as a key partner and one of the world’s leading players in information technology.
Putin praises India’s IT industry
Highlighting India’s contribution to the global software market, Putin said the country has established itself as a major force in the technology sector.
“I would like to welcome another key partner of ours, India, which is one of the leading players in the IT industry. It accounts for a significant share of the global software market,” Putin said.
His remarks come as India continues to expand its presence in software services, digital infrastructure, artificial intelligence, and technology exports.
BRICS contributes nearly half of global growth
Putin said BRICS countries have become the primary engines of global economic expansion, accounting for nearly half of annual global growth in recent years.
According to him, BRICS nations contributed 49% of global economic growth over the last five years, while the Group of Seven (G7) accounted for only 18%.
“If you look at global GDP dynamics over the last five years, you will see that almost half of the annual growth—49%—is accounted for by BRICS countries, whereas the contribution of the so-called Group of Seven is estimated at 18%,” he said.
BRICS share of world GDP reaches 40%
The Russian leader said the economic weight of BRICS has continued to increase, with the bloc now accounting for around 40% of global GDP based on purchasing power parity (PPP).
By comparison, he said, the G7’s share has fallen below 29%.
“Right now, the share of BRICS in the world GDP based on purchasing power parity stands at 40%, whereas the G7 share is less than 29%,” Putin said.
The BRICS grouping currently includes Brazil, Russia, India, China, South Africa and newer members admitted during the bloc’s recent expansion.
‘BRICS overtook the G7 in 2020’
Putin argued that BRICS surpassed the G7 in economic size several years ago and is expected to widen that lead in the coming years.
“BRICS already overtook the G7 back in 2020, and this gap is expected to grow. BRICS is going to grow at a steadily greater pace,” he said.
He added that forecasts from international financial institutions point to stronger growth prospects for BRICS economies than for advanced Western nations.
Faster growth attracting global investment
Putin said investors naturally gravitate toward regions with stronger economic growth and expanding markets.
According to him, BRICS economies are projected to grow by more than 4% annually, compared with approximately 1.1% growth for G7 countries.
“Naturally, it is more attractive to invest where development is most dynamic and where there are possibilities for production and sales,” he said.
Putin cited assessments from institutions such as the World Bank and the International Monetary Fund to support his claims regarding future growth trends.
Shift in global economic center
The Russian President said the balance of global trade and finance is increasingly shifting toward emerging economies and new growth centers.
“Consequently, the center of global trade and the financial system is already shifting, and this trend will persist,” Putin said.
His remarks reflect a broader narrative promoted by BRICS countries that emerging economies are playing a larger role in shaping global trade, investment flows and economic governance.
