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PM Modi at BRICS Summit: Terrorism results in USD 1 trillion loss to world economy

Developing nations' economic growth decreased by 1.5 per cent due to terrorism, Prime Minister Narendra Modi said at the BRICS Summit in Brazil on Thursday.

India TV News Desk India TV News Desk
New Delhi Updated on: November 14, 2019 22:19 IST
PM Modi/File Image
Image Source : AP

PM Modi/File Image

The economic growth of developing nations has decreased by 1.5 per cent due to terrorism, Prime Minister Narendra Modi said at the 11th BRICS Summit in Brazil on Thursday. Modi said the menace of terrorism has resulted in the loss of USD 1 trillion to the world economy. The prime minister was addressing the BRICS Plenary Session at the iconic Itamaraty Palace in the presence of the Presidents of Brazil, China, Russia and South Africa. Modi said that terrorism is the biggest threat to development, peace and prosperity.

PM Modi at BRICS Summit: Top Quotes

  • According to some estimates, the economic growth of developing nations has decreased by 1.5 per cent due to terrorism.
  • The scourge of terrorism has caused USD 1 trillion loss to the world economy.
  • The atmosphere of doubt created by terrorism, terror financing, drug trafficking and organised crime harms trade and business. I'm happy that a seminar on 'BRICS Strategies for Countering Terrorism,' was organised.
  • We recently launched 'Fit India Movement.' I want communication and exchange between BRICS nations to increase in areas of fitness and health.
  • We need to focus on trade and investment between BRICS nations, Intra-BRICS trade is only 15% of the world trade.
  • Prime Minister Modi urged the BRICS Business Council to create a roadmap to achieve the USD 500 billion intra-BRICS trade target by the next summit. Identification of economic complementarities among us will be important in this effort. I request that the work of establishing the regional office of the NDB in India should be completed soon. This will give a boost to projects in our priority areas. 
  • The partnership agreement between New Development Bank and BRICS Business Council will be useful for both the institutions. Our dream of strengthening BRICS economic cooperation can be realised only with the full cooperation of Council and the NDB. 

Shanghai-headquartered New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa) with an initial authorised capital of the bank is USD 100 billion. The idea for setting up the NDB was proposed by India at the 4th BRICS summit in 2012 held in New Delhi. Its creation of the main theme of the meeting. 

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