The Speaker of India's Lower House, Om Birla. called for reforms in global governance structures such as the UN Security Council and the World Trade Organization (WTO).

At the 10th BRICS Parliamentary Forum in St. Petersburg, Birla also advocated for strengthening inter-parliamentary relations to “cultivate a more inclusive and democratic BRICS partnership.”

“BRICS, largely representing the interests of the developing world, stands for greater democratization of global governance system, and for reforming the international organizations,” India's Lok Sabha speaker said.

Birla emphasized India's devotion to uniting rising markets and developing nations, highlighting New Delhi's commitment to adhere to values of mutual respect, transparency, understanding, solidarity, equality, inclusion, and harmony while promoting the BRICS agenda.

Concerning the significance of advancing inter-parliamentary cooperation, Birla stated, "Our parliaments can play a very important role in solving regional and global problems by creating strong institutions and enhancing inter-parliamentary cooperation, using modern technologies and building relations between people."

The parliament speaker also commented on India and Russia's bilateral relations following a summit between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin earlier this week, telling RT that both nations have discussed common worldly issues and the achievement of global peace.

This week, BRICS welcomed Egypt, Ethiopia, Iran, and the United Arab Emirates as new members of their bloc at the Parliamentary Forum, with Birla praising Moscow's chairmanship for their smooth integration. 

BRICS surges to 35.7% of global GDP in 2023; G7 declines to 29%

The BRICS bloc may be outperforming Western nations, potentially transitioning the world's economic and global power.

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In 2023, the BRICS countries collectively accounted for a historic 35.7% share of the global GDP in terms of purchasing power parity (PPP), marking an increase of 0.6 percentage points compared to the previous year.

Since its establishment in 2006, the bloc has seen its global economic share rise by 10.2 percentage points, according to Sputnik's analysis based on World Bank data.

Conversely, the G7 nations saw their economic indicators decline to 29%, the lowest in 30 years, losing 0.4 percentage points year-on-year.

Since 2006, the G7's global GDP share has decreased by 9.7 percentage points.

Overall, global GDP in PPP terms reached $184.7 trillion in 2023, reflecting a 7% increase from the previous year.

Meanwhile, the remaining countries outside these major blocs accounted for 35.3% of the world's GDP, maintaining a stable share since 1990, fluctuating within a one-percentage-point range.

Recent developments surrounding the US dollar have sparked concerns among international financial institutions, spurred by President Putin's announcement regarding potential currency reforms within the BRICS+ framework.

Institutions like the IMF and JPMorgan have observed a shift away from the dollar by numerous countries, including BRICS members, due to geopolitical tensions and economic dependencies.

Recently, the longstanding US-Saudi petrodollar agreement expired, allowing Saudi Arabia to diversify its oil sales beyond the US dollar, potentially impacting the US economy.

Putin's announcement at the St. Petersburg International Economic Forum detailed BRICS' plans for an independent payment system aimed at reducing reliance on Western financial infrastructures.

Observers argue that this initiative, supported by substantial gold reserves among BRICS nations, points to a strategic move toward economic sovereignty and stability.