"India is one of leading players in IT industry," says Putin at SPIEF plenary
Moscow, June 5
Russian President Vladimir Putin on Friday noted India's IT strength at St. Petersburg International Economic Forum 2026.
"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
Reader Comments
While the recognition is nice, let's not forget that India's IT sector still faces challenges like brain drain and low-value outsourcing. We need to move up the value chain, not just be a back-office for the world. The BRICS stats are promising but we must focus on innovation at home.
Impressive numbers from Putin. The shift in global economic power is undeniable. India's IT sector is a key part of this transformation. As someone from the UK, I think it's time Western nations take BRICS seriously instead of pretending these trends don't exist.
Putin knows what he's talking about. India's IT dominance is no joke—we power everything from banking to healthcare globally. And BRICS overtaking G7? That's just basic math when you add up India, China, Russia, and others. The West can't keep dominating forever. Jai Hind! 🚀
It's refreshing to hear world leaders speak positively about India. The BRICS growth data is staggering—49% of global growth from just a few countries. As an American, I wonder if our policymakers are paying attention. The world is multipolar now, and India is a key pole.
One must also consider that Putin's words are strategic—Russia needs India as a counterweight to the West. But regardless of his motives, the facts are clear: India's IT sector is a global leader, and BRICS holds more economic power than the G7. It's time our own government invests more in IT education and infrastructure to sustain this momentum. Good news overall. 👍
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