Addressing the opening session of the sixth BRICS summit here, he said the new trading regime must address aspirations of developing world and accommodate the need of the most vulnerable sections of society especially in areas such as food security.
At the summit, which is likely to establish the new BRICS bank, he said the member countries should ensure these institutions-- New Development Bank, Contingent Reserve Arrangement-- establish a new model.
"It provided an additional avenue of working for global economic recovery and stability. It was a new voice in the cause of global peace and development. I am happy that we are living up to that promise," he added.
"We will champion clean and frugal resources to maintain sustainability of our development process without constraining our growth," Modi said.
"We can all partake of the bounty of nature; however, exploitation of nature is a crime," he said.