"India is one of leading players in IT industry," says Putin at SPIEF plenary

"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.

Putin also noted that BRICS share in world GDP has hit 40% while G7 below 29% and that BRICS leadership will continue to grow.

"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.

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. (ANI)