At the 16th BRICS Summit, Prime Minister Narendra Modi underscored India's vision of deepening financial cooperation among the BRICS nations, which include Brazil, Russia, India, China, and South Africa. He emphasized that enhancing economic ties through local currency trade and simplifying cross-border payments would significantly bolster economic partnerships and reduce dependency on external currencies. Modi particularly showcased India's Unified Payment Interface (UPI) as a remarkable innovation in the digital payments landscape

At the 16th BRICS Summit, Prime Minister Narendra Modi underscored India's vision of deepening financial cooperation among the BRICS nations, which include Brazil, Russia, India, China, and South Africa. He emphasized that enhancing economic ties through local currency trade and simplifying cross-border payments would significantly bolster economic partnerships and reduce dependency on external currencies. Modi particularly showcased India's Unified Payment Interface (UPI) as a remarkable innovation in the digital payments landscape.

Describing UPI as a "big success story" for India, he pointed to its transformative role in revolutionizing digital transactions, with its ease of use, speed, and security having gained global recognition. Modi mentioned that UPI has already been embraced by several countries and highlighted a significant milestone achieved last year with the launch of UPI in the UAE, in partnership with Sheikh Mohammed. This collaboration demonstrated the potential for UPI to streamline international payments and enhance trade.

Prime Minister Modi further emphasized that India is open to expanding such collaborations with other countries, making UPI a powerful tool for fostering international cooperation and facilitating smoother, faster economic transactions. He portrayed UPI as an example of how digital technology can create stronger bonds between nations, particularly in regions like BRICS, where shared economic growth is a common goal. This move, he suggested, would help strengthen global financial networks while empowering individual countries to have greater autonomy over their economic systems.