Putin praises India’s software sector: ‘A leading player in the IT industry’ | Today’s news
Russian President Vladimir Putin on Friday (June 5) hailed India’s growing role in the global technology sector, saying the BRICS bloc had emerged as a major driver of global economic growth, surpassing the G7 in share of world GDP.
Speaking at the St. Petersburg International Economic Forum 2026, Putin called India a key partner and one of the world’s leading players in the field of information technology.
Putin praises India’s IT industry
Highlighting India’s contribution to the global software market, Putin said the country has established itself as a major force in the technology sector.
“I would like to welcome another key partner of ours, India, which is one of the leading players in the IT industry. It represents a significant share of the global software market,” Putin said.
His remarks come as India continues to expand its presence in software services, digital infrastructure, artificial intelligence and technology exports.
BRICS accounts for almost half of global growth
Putin said the BRICS countries have become the primary engines of global economic expansion, accounting for nearly half of annual global growth in recent years.
According to him, over the past five years, the BRICS countries have contributed 49% to global economic growth, while the Group of Seven (G7) only accounted for 18%.
“If you look at the dynamics of global GDP over the past five years, you will see that almost half of the annual growth – 49% – is accounted for by the BRICS countries, while the contribution of the so-called Group of Seven is estimated at 18%,” he said.
The share of BRICS in world GDP reaches 40%
The Russian leader said the economic weight of the BRICS continues to grow, with the bloc now accounting for around 40% of global GDP on a purchasing power parity (PPP) basis.
By comparison, he said the G7’s share had fallen below 29%.
“Right now, the share of BRICS in world GDP based on purchasing power parity is 40%, while the share of the G7 is less than 29%,” Putin said.
The BRICS grouping currently includes Brazil, Russia, India, China, South Africa and newer members admitted during the bloc’s recent expansion.
“BRICS overtake G7 in 2020”
Putin claimed that the BRICS countries surpassed the G7 in economic size a few years ago and are expected to extend that lead in the coming years.
“BRICS has already overtaken the G7 in 2020 and this gap is expected to grow. BRICS will grow at an ever-increasing pace,” he said.
He added that forecasts from international financial institutions point to stronger growth prospects for the BRICS economies than for developed Western countries.
Faster growth attracts global investment
Putin said investors naturally gravitate to regions with stronger economic growth and expanding markets.
According to him, the BRICS economies are expected to grow by more than 4% per year, compared to growth of around 1.1% in the G7 countries.
“Naturally, it is more attractive to invest where development is most dynamic and where there are production and sales opportunities,” he said.
Putin cited assessments by institutions such as the World Bank and the International Monetary Fund to back up his claims about future growth trends.
A shift in the global economic center
The Russian president said that the balance of world trade and finance is increasingly shifting towards emerging economies and new growth centers.
“As a result, the center of global trade and the financial system is already shifting and this trend will continue,” Putin said.
His remarks reflect a broader narrative promoted by the BRICS countries that emerging economies are playing a greater role in shaping global trade, investment flows and economic governance.
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