Vladimir Putin praises India’s IT sector, says it is among the leading players in the industry
Vladimir Putin praises India's IT sector, says it is Among the Leading Players in the Industry
Vladimir Putin praises India’s IT sector, says it is Among the Leading Players in the Industry | Image: ANI
Moscow: While talking about the strong India-Russia relationship, Russian President Vladimir Putin on Friday praised India's IT strength at the St. Petersburg International Economic Forum (SPIEF) 2026. He said India's IT sector is 'one of the leading players in the IT industry.' He also noted that BRICS now accounts for 40 per cent of the global GDP, while the G7's share has fallen below 29 per cent, adding that BRICS' influence will continue to grow.
What Did Vladimir Putin Say?
"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.
"Importantly, new centers of growth want to select their own development trajectories. They want a greater share of value-added products and to build their own brands, standards, and competences. 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%. In the period from 2021 to 2025, the global economy grew on average by 4.1% annually, with 2% accounted for by BRICS and just 0.8% by the G7. 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%," he said.
BRICS overtook the G7 back in 2020: Putin
Putin further noted that BRICS overtook the G7 back in 2020, and this gap is expected to grow.
"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. While the G7 is expected to grow at best by 1.1% per year, BRICS nations are projected to grow by more than 4%. These are not just our figures; the World Bank and the IMF state this as well. Naturally, it is more attractive to invest where development is most dynamic and where there are possibilities for production and sales. Consequently, the center of global trade and the financial system is already shifting, and this trend will persist," he said.
"Trust-Based, Brotherly Relations": Putin On India-Russia Ties
The Russian President also praised the strong bilateral relationship between India and Russia, saying that both countries share a "brotherly" and "trust-based" relationship in all senses of the word.
"We have had very good, trust-based, brotherly relations in all senses of the word. We know how talented the Indian people are, how well educated. Indians have great competencies, which have achieved world renown, especially in coding and in other fields...Prime Minister Modi had to introduce certain restrictions here, asking people not to use personal cars, not to travel long distances, due to what is happening in the Strait of Hormuz...I think our companies did the right thing and the Indian counterparts did the right thing when they decided to embark on this path of close cooperation, because right now we are trying to lend a helping hand and give our shoulder, increasing supplies to the Indian market and to Asia in general, and we certainly keep sharing our technological solutions," Putin said.
(with ANI inputs)
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