Speaking at an informal meeting of BRICS leaders here on the sidelines of the G20 Summit, Modi also called upon the group leaders to show leadership in fighting terrorism and boosting global economic growth.
Chinese President Xi Jinping, speaking right after Modi, also appreciated the momentum witnessed at the BRICS bloc during India's chairmanship before it was passed on to China.
Xi said he looked forward to welcoming the BRICS leaders.
Modi said BRICS has been a strong voice and needs to show leadership on terrorism and global economy, according to a press release issued by the Ministry of External Affairs after the meeting.
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"G20 should collectively oppose terrorism financing, franchises, safe havens, support and sponsors," Modi said.
Referring to the reforms in India, including the recent introduction of GST, he stated that it is necessary to work together for sustained global economic recovery.
Besides, Modi reiterated India's commitment to implementing the Paris agreement in letter and spirit and described its implementation globally as essential to fighting climate change.
He called for expeditious action to establish a BRICS rating agency and stated that cooperation on development of Africa should be a priority.
While stressing on the need for greater people-to-people exchanges, the prime minister appreciated momentum in BRICS under the chairmanship of Xi and extended full cooperation and best wishes for the BRICS Xiamen Summit.
The prime minister, who spoke in Hindi, also said "lastly, I extend my best wishes and full cooperation to President Xi Jinping for the upcoming ninth BRICS Summit".
China and India have been engaged in a stand-off in the Dokalam area near the Bhutan tri-junction after a Chinese Army's construction party attempted to build a road. The stand-off is near Sikkim section.
Concluding the meeting immediately after the Prime Minister's remarks, Xi appreciated India's strong resolve against terrorism and the momentum in BRICS introduced under India's chairmanship and through the outcomes of the Goa Summit in 2016.
Besides India and China, Russia, Brazil and South Africa are part of the BRICS grouping.
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