World economy took $1-trillion hit due to terrorism, says PM Narendra Modi

Terrorism has caused a loss of $1 trillion to the world economy, Prime Minister Narendra Modi said on Thursday as he addressed the 11th BRICS Summit, terming the scourge as the “biggest threat” to development, peace, and prosperity.

“According to some estimates, the economic growth of developing nations has decreased by 1.5 per cent due to terrorism,” he said.

He added, “In 10 years, terrorism has claimed the lives of about 225, 000 people and destroyed societies.” 

“The atmosphere of doubt created by terrorism, terror financing, drug trafficking, and organised crime indirectly harms trade and business. I am happy that the first seminar on BRICS Strategies for Countering Terrorism was organised,” he said. 

 

“We hope that such efforts and activities of the five working groups will increase strong BRICS Security Cooperation against terrorism and other organised crimes,” he added.

In a joint statement released by BRICS, the five countries condemned terrorism in all its forms, and said that it should not be associated with any religion, nationality or civilisation, and recognised terrorist acts as criminal and unjustifiable.

“We urge for concerted efforts to fight terrorism under the United Nations auspices in accordance with international law, recognise the primary role of states and their competent authorities in preventing and countering terrorism, and express our conviction that a comprehensive approach is necessary to ensure effective results in combating terrorism,” the statement said.

“We recall the responsibility of all states to prevent financing of terrorist networks and terrorist actions, including those from their territories,” the statement said, without referring to any country.

In addition to this, PM Modi urged the BRICS business leaders to invest in India and take advantage of the country’s “limitless” possibilities and “countless” opportunities. PM Modi also said that India is the world’s “most open and investment-friendly” economy.

“India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a $5-trillion economy. The infrastructure alone requires an investment of $1.5 trillion,” he said.

Noting that India has “limitless” possibilities and “countless” opportunities, he urged the BRICS business leaders to take advantage of them. “I invite the business of BRICS countries to build and grow their presence in India,” he said.