The global economic environment remains uncertain and challenging. Recovery is still fragile despite improved prospects. 

In an environment of political conflict and persisting weakness in major economies; we have to be watchful for signs of a new bout of financial turmoil. 

Developments in Iraq and the wider region could affect this. I am also concerned that tight monetary policies in some countries couldundercut investment and growth in ours.

An open, rule-based, international trading regime is critical for global economic growth.

It must address the aspirations of the developing world. 

It must also accommodate the special needs of the most vulnerable sections of our societies, especially in areas such as food security. 

This is our broad expectation from the negotiations in the Doha Round of WTO. 

Excellencies, 

The Agreement towards setting up the BRICS New Development Bank is a significant step. I am happy, the initiative announced at the BRICS Summit in New Delhi in 2012, has become a reality. 

The agreement on the BRICS Contingent Reserve Arrangement is another major achievement. 

I compliment our Finance Ministers for concluding these two initiatives so quickly. 

These initiatives are rooted in our own experience as developing countries. 

They show our capacity to set up global institutions. 

They will open new avenues for supporting development in our countries as well as helping other developing nations. 

We should ensure these institutions establish a new model for supporting growth and stability. 

Excellencies, the theme of this Summit is also the guiding principle of my Government. For us, inclusion is a special challenge and responsibility; given our vast social, regional and economic diversity.

Our policies will focus on empowering people with skills and opportunities.

We will invest heavily in infrastructure, affordable housing, healthcare,education and clean energy.

We will harness all possibilities that advanced technologies open up.

All this will require fast-tracking of Growth. 

We will champion, clean and frugal resource use; to maintain the Sustainabilityof our development process, without constraining our growth. 

Sustainability has in fact been a core element of the Indian way of life. As Mahatma Gandhi had said, the World has enough, for everyone’s Need, but not for everyone’s Greed. We can all partake of the bounty of nature. However, exploitation of nature is a crime.

We have made progress, on the Millennium Development Goals. But widespread poverty still haunts us. 

We must keep poverty eradication at the centre of the post-2015 Development Agenda. 

It is important to shape the global discourse on the same, especially in forums like the UN. BRICS can be a major voice on the world stage to build consensus towards such efforts.

Excellencies, 

BRICS is in a position today where it wields enough horizontal influence to compel the world to take notice.

Our own good, however, lies in deepening our bonds vertically. 

We must focus on further decentralizing, this powerful forum. 

We must go beyond Summit and Leader-centric deliberations; and champion Sub-national Level exchanges. We must encourage engagement between our States, Cities and other local bodies. 

BRICS should in fact be truly driven by ‘People to People’ contact. Our Youth, in particular, must take a lead in this. 

Popularizing our languages through dedicated BRICS language schoolsin all BRICS countries could be a beginning in this direction. 

We could also consider establishing Massive Open Online Courses for making quality education accessible to all.

We could even explore the idea of a BRICS University. 

Today, technology is a transformative toolin every area of social and economic development. 

The vast pool of talent in BRICS could be combined to cooperate in areas like: health, education, agriculture, resource management and urban development. 

Perhaps a Young Scientists’ Forum of BRICS Countries could be explored.

Other initiatives could include: 

An affordable healthcare platform of BRICS nations. 

Mechanism to further cooperation, between our Small and Medium enterprises.

And, a common framework for promoting Tourism among BRICS countries.

I am aware of the comprehensive proposals that our Chinese and Russian partners have put forward to deepen BRICS cooperation. 

Our Sherpas should examine them urgently.

Let us deepen our bonds to make BRICS a stronger instrument of progress, for all mankind.

Thank you

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Your Excellency, Mr. President,
Distinguished delegates from both countries,
Friends from the media,
Namaskar!

First and foremost, on behalf of all Indians, I extend my heartfelt congratulations to His Excellency the President and the people of Maldives on the historic occasion of the 60th anniversary of their Independence.

On this historic occasion, I sincerely thank His Excellency the President for inviting me as the Guest of Honour.

This year also marks 60 years of diplomatic relations between India and the Maldives. However, the roots of our relationship are older than history itself and is as deep as the ocean. The commemorative stamp released today, featuring the traditional boats of both our countries is a reflection of the fact that we are not just neighbours, but also fellow voyagers on a shared journey.

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Friends,

India is the closest neighbour of the Maldives. The Maldives holds a key place in both India’s "Neighbourhood First" policy and our MAHASAGAR vision. India also takes pride in being the Maldives’s most trusted friend. Be it natural disasters or pandemics, India has always stood by the Maldives as the ‘First Responder’. Whether it was ensuring the supply of essential commodities or supporting economic recovery post-COVID, India has always worked hand-in-hand with the Maldives.

For us, it is always friendship first.

Friends,

During President’s visit to India last October, we shared a vision for a comprehensive economic and maritime security partnership. That vision is now becoming a reality. As a result, our bilateral ties are reaching new heights, and several important projects have been inaugurated.

The four thousand social housing units built with India’s support will now mark a new beginning for many families in the Maldives — a place they can truly call home. Projects like the Greater Male Connectivity Project, the Addu Road Development Project, and the redevelopment of Hanimaadhoo International Airport will transform this entire region into a vital hub for transit and economic activity.

Very soon, with the launch of the ferry system, connectivity between the various islands will become even easier. After that, distances between islands will not be measured by GPS, but simply by ferry time!

To give a new momentum to our development partnership, we have decided to extend a Line of Credit of 565 million dollars — approximately five thousand crore rupees — to the Maldives. This will be used for infrastructure development projects aligned with the priorities of the Maldivian people.

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Friends,

We have taken several steps to accelerate our economic partnership. To boost mutual investment, we will soon work towards finalizing a Bilateral Investment Treaty. Discussions on a Free Trade Agreement have also begun. Our goal now is — From paperwork to prosperity!

With the local currency settlement system, trade can now take place directly in Rupees and Rufiyaa. The rapid adoption of UPI in the Maldives will further strengthen both tourism and the retail sectors.

Friends,

Cooperation in the field of defence and security is a reflection of mutual trust. The Ministry of Defence building, being inaugurated today, is a concrete symbol of that trust — an embodiment of our strong partnership.

Our collaboration will now also extend to weather science. No matter what the weather, our friendship will always remain bright and clear!

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India will continue to support the development of Maldives' defence capabilities. Peace, stability, and prosperity in the Indian Ocean Region is our shared objective. Together, through the Colombo Security Conclave, we will strengthen regional maritime security.

Climate change is a major challenge for both our nations. We have agreed to promote renewable energy, and in this area, India will share its experience with the Maldives.

Excellency,

Once again, on this historic occasion, I extend my heartfelt congratulations to you and the people of Maldives. I also thank you all for the warm welcome.

I reaffirm that India will stand with Maldives at every step on its path to development and prosperity.

Thank you very much!