Archive · 11 Sep 2026
BRICS Leaders Promote UPI and Challenge G7 Economic Dominance
BRICS leaders met to discuss how their countries can work together economically.
Narendra Modi praised India’s UPI payment system and said other countries are adopting it.
He also said ships, trade routes and sailors need to be kept safe.
Vladimir Putin said BRICS countries now produce more of the world’s economic output than the G7 countries.
He said this shows that newer economies are becoming more important.
Masoud Pezeshkian said Iran’s security problems had affected its economy and trade.
He called for BRICS countries to make trade and finance harder for outside pressure to disrupt.
The leaders presented BRICS as an important voice for developing countries.
Prime Minister Narendra Modi highlighted India’s Unified Payment Interface, saying it supports financial inclusion and accounts for 50% of the world’s real-time payments.
Modi called for secure sea lanes, open supply routes and protection for seafarers amid disruptions linked to the West Asia conflict.
Russian President Vladimir Putin said BRICS countries produced more than 40% of global GDP over the past five years, compared with 29% for the G7.
Putin also said BRICS accounted for more than half of global economic growth during that period, while the G7 accounted for 18%.
Iranian President Masoud Pezeshkian urged BRICS to strengthen economic resilience and said Iran had faced military aggression from the United States and Israel.
- Who
- BRICS leaders, including Prime Minister Narendra Modi, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian.
- What
- The leaders discussed BRICS’s economic role, India’s UPI payment system, secure trade routes and economic resilience.
- When
- Friday evening; the report was published on September 11, 2026.
- Where
- At a BRICS leaders’ session; the article does not specify the venue.
- Why
- The leaders addressed shifts in global economic power, disruptions to trade routes and geopolitical pressure on national economies.
BRICS-Centered View
Alternative or Unstated View
Global economic influence
BRICS-Centered View
Putin argued that BRICS has overtaken the G7 in economic weight and growth because its members represent more than half of the world’s population and have dynamic domestic markets.
Alternative or Unstated View
The article does not provide a response from the G7 or alternative figures challenging Putin’s comparison.
Trade and economic security
BRICS-Centered View
Pezeshkian argued that BRICS should develop resilient trade, energy, infrastructure and financial systems to prevent political or military pressure from disrupting legitimate commerce.
Alternative or Unstated View
Modi emphasized open supply routes, freedom of navigation and safe sea lanes, while the article does not present a competing position on how those goals should be achieved.
- BRICS share of global GDP
- More than 40% over the past five years, according to Vladimir Putin.
- G7 share of global GDP
- 29% over the past five years, according to Putin.
- BRICS share of global growth
- More than half of global economic growth over the past five years, according to Putin.
- G7 share of global growth
- 18% over the same period, according to Putin.
- UPI’s reported reach
- UPI handles 50% of the world’s real-time payments, according to Narendra Modi.
- Modi’s trade priority
- Secure sea lanes, open supply routes and safety for seafarers.
- Pezeshkian’s proposal
- BRICS should build resilient economic capacities so countries cannot disrupt one another’s legitimate trade.