Modi hosts BRICS leaders amid bloc's economic woes

Goa : Indian Prime Minister Narendra Modi hosted leaders of the BRICS emerging powers on Sunday at a summit seeking to strengthen trade ties and help overcome the bloc's economic woes.

Modi and the leaders of Brazil, Russia, China and South Africa smiled and raised locked hands for a group photo in an Indian beachside resort, before holding talks on the tough task of forging stronger economic cooperation.

"I firmly believe that the simultaneous development of Brazil, Russia, China, South Africa and India is the best bet for global growth and development," Modi told leaders at the summit venue in Benaulim, a town in the western state of Goa.

BRICS was formed in 2011 with the aim of using its growing economic and political influence to challenge Western hegemony.

The nations, with a joint estimated GDP of $16 trillion, set up their own bank in parallel to the Washington-based International Monetary Fund and World Bank and hold summits rivalling the G7 forum.

But the countries, accounting for 53 percent of world population, have been hit by falling global demand and lower commodity prices, while several have also been mired in corruption scandals.

Russia and Brazil have fallen into recession recently, South Africa only just managed to avoid the same fate last month and China's economy has slowed sharply, although it is still the world's second largest.

India by contrast is now the world's fastest-growing major economy in an otherwise gloomy environment.

Commentators have raised doubts about the bloc's clout given its economic problems. 

A Chinese media website, however, warned against writing off BRICS. It said the club remained an economic force despite slowdowns and differences among its members such as China's territorial disputes along the border with neighbouring India.