'BRICS an important pillar of hope in world': PM Modi

Prime Minister Narendra Modi on Thursday said that BRICS is an important pillar of hope in the world, which is filled with political security and economic challenges.

"I am thankful to President Putin for the warm welcome. I would like to thank all BRICS leaders for making Yoga Day an international success. BRICS is an important pillar of hope in the world filled with political security and an economic challenge as BRICS not only stands for the nations it represents but for the welfare of the entire world," Prime Minister Modi said in his remarks at the BRICS Business Council.

"We can mitigate any challenge better if we focus on reforms of the UN and the UN Security Council. This must be done soon," he added.

Prime Minister Modi also stressed on combating the menace of terror.

"The climate change is one of our foremost global challenges. We need to focus on the renewable energy and energy efficiency. I would like to see the first major project funded by the New Development Bank to be in the area of clean energy. Consensus, collaboration and cooperation is very important among all large nations in order to deal with challenges, the world faces today," he said.

Prime Minister Modi further proposed a BRICS Agriculture Research Centre, which would be a big gift to the world.

"Let us use our expertise to enable better access to water, efficient water use and potable water supply. Let us have conversation and cooperation between our cities. There is a lot to learn from each other in this field," he added.