New Delhi [India], October 23 : Prime Minister Narendra Modi, during his address at the BRICS Summit, highlighted how the grouping is becoming more effective as a force for good globally, with more nations joining the bloc, Foreign Affairs expert Robinder Sachdev said.
He also emphasised how the Unified Payments Interface (UPI) has emerged as a tool of cooperation.
The 16th BRICS Summit is being held from October 22-24 in Kazan, Russia. This is the first BRICS Summit in expanded format after five new nations joined in during last year's summit in Johannesburg.
"Our UPI is very important. When you can send a UPI payment within seconds across the country, if the technology architecture is the same, why can't we send UPI payments internationally between countries?" Sachdev told ANI.
The expert believes this capability represents a crucial contribution that India should capitalise on as it moves forward in the global economic landscape.
Evaluating Prime Minister Modi's speech at the BRICS Summit, Sachdev highlighted its implications for the organisation's growing influence.
"He (PM Modi) spoke about how BRICS is becoming more effective, with more countries joining and the collective economic might of our association being a force for good in world affairs," Sachdev added.
He further pointed to PM Modi's statement that India always stands and works towards issues of humanity, indicating a commitment to global cooperation.
Sachdev also addressed the necessity for alternative financial networks in the wake of geopolitical tensions.
"The SWIFT financial network is dominated by America. Whenever they want to impose sanctions on a country, they can easily switch off the network," he explained. In this context, he argued, "Our UPI can be a game changer. It offers a platform for inter-bank payments across countries, and I believe that's something the world will take notice of," he said.
In his remarks ahead of the bilateral talks between Prime Minister Modi and Chinese President Xi Jinping--marking their first meeting in five years--Sachdev emphasised the significance of this dialogue. "This is a crucial moment for both leaders to discuss many pressing issues, particularly the border situation," he noted.
He added, "Until we resolve the border issue, we cannot move ahead on other fronts," referring to ongoing discussions around the Line of Actual Control (LAC).
Sachdev pointed out the importance of addressing the substantial trade deficit between India and China, which stands at around USD 80 billion. He stated, "It's essential for PM Modi to impress upon Xi Jinping the need for China to open its markets to Indian exports."
Highlighting the various barriers that currently hinder trade, he asserted, "A major thrust of the discussion must be to convince China to create a level playing field for Indian goods."
The meeting between Prime Minister Modi and President Xi is an opportunity to not just address longstanding issues but also to envision a more cooperative future between our two nations," Sachdev said.