Russian President Vladimir Putin has proposed a new investment platform for BRICS countries, seeking to channel private-sector funding into infrastructure, logistics, technology and other key sectors while pointing to Indian conglomerate Mahindra as an example of the grouping’s growing corporate strength.

Speaking to BRICS business leaders ahead of the summit, Putin said the proposed platform, built around the New Development Bank (NDB), could help mobilise private investment and make BRICS economies more competitive.

For India, one of the more notable parts of Putin’s address was his reference to Mahindra, which he cited alongside companies including China’s Huawei, Brazil’s Embraer, the UAE-based TPO and Russia’s Rosatom as examples of successful BRICS businesses.

Putin highlighted Mahindra’s work in IT and artificial intelligence, placing the Indian company within his broader argument that businesses from BRICS countries are emerging as important players in technology and innovation.

Putin wants new BRICS funding mechanism

Putin said BRICS countries need greater access to funding and suggested that the NDB could provide the foundation for a wider investment mechanism capable of bringing in private-sector capital.

“We need funding,” Putin said, while describing the NDB as an institution that was already doing important work.

The proposed platform would focus on projects that can strengthen trade and economic links among BRICS members, particularly in infrastructure, logistics, technology, finance, tourism and industry.

Putin also called for cooperation in areas such as artificial intelligence, unmanned transport, digital platforms and financial technology.

India gets a mention through Mahindra

Putin’s reference to Mahindra gives his BRICS pitch a direct India connection.

The Russian President said the emergence of major companies across BRICS reflected the strength of the grouping’s large domestic markets, rapid urbanisation and expanding technological capabilities.

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He pointed to competition and long-term investment in business, science, education and engineering as factors behind the growth of national companies.

For Mahindra, Putin specifically cited its work in IT and AI as part of this wider BRICS corporate success story.

Arctic and North-South corridors in focus

Infrastructure and logistics were central to Putin’s proposal, with Russia offering to work with BRICS partners on major transport projects.

He specifically mentioned the Arctic Transport Corridor and the North-South Transport Corridor as areas for greater cooperation.

Putin also called for stronger partnerships in energy and food security, as well as personnel training and applied research involving smart technologies and unmanned transport.

Russia, he said, has formed a national committee for business cooperation involving more than 40 major Russian companies to develop programmes with international partners.

‘We are not against anyone’

Putin sought to frame the expanding BRICS economic network as an effort to advance the interests of its members rather than an attempt to isolate other countries.

“We are not against anyone,” Putin said. “We are in favour of our interests.”

He added that BRICS remained open to cooperation with countries around the world.

The Russian President also criticised sanctions and other trade and financial restrictions, arguing that economic competition was increasingly being shaped by transport restrictions, secondary sanctions and other measures.

He said Russia had responded to sanctions by changing the geography of its foreign trade and making its economy more resilient.

Putin says BRICS is gaining economic weight

Putin used the meeting to argue that the global economic balance is shifting towards BRICS economies.

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According to figures cited by him, BRICS countries accounted for more than 40% of global GDP over the past five years, compared with 29% for the G7. He also said BRICS members accounted for more than half of global economic growth during that period.

He described this as part of a wider shift in which emerging economies are becoming increasingly important sources of global growth.

Putin said the aim was to create a resilient platform for growth through cooperation between governments, businesses and academia, while allowing each member country to pursue its own national interests.

The Russian President is on a three-day visit to India. His remarks place infrastructure corridors, business partnerships, technology and alternative sources of investment at the centre of the expanding BRICS economic agenda.

With PTI inputs