There is need for simplifying intra-BRICS business: PM Modi

"BRICS countries account for 50% of the world's economic growth. Despite the recession in the world, the BRICS countries accelerated economic development, drove millions of people out of poverty and achieved new breakthroughs in technology and innovation," he said

"Now ten years after the founding of BRICS, this forum is a good platform to discuss the direction of our efforts in the future," noted PM Modi.

The Indian Prime Minister said that intra-BRICS business and investment targets should be ambitious.

"Your suggestions will be helpful to further reduce the cost of trade between us," said Modi.

"I would also like to request that priority areas in business be identified among us for the next ten years and based on them blue print of Intra-BRICS collaboration should be made," Modi said.

PM Modi noted that the market size, diversity and complementarities are very beneficial to each other.

"For example, if there is technology in one BRICS country, then in other are present the related raw materials or markets. Such possibilities are especially present in electric vehicles, digital technology, fertilizer, agricultural products, food processing, etc. I would urge the Forum to map such complementarities in five countries," he said.

"I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities," the PM added.

Speaking on the home ground, Modi said: "You will be familiar with India's continued progress in indexes such as Ease of Doing Business, Logistic Performance and Global innovation."

"Due to the time limit, I would just like to say that India is the most open and investment-friendly economy in the world due to Political Stability, Predictable Policy and Business Friendly Reforms."

"By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires $ 1.5 trillion investment," said he.