[0:00]advantages. Others point to the urgent global headline that forced rapid scaling of offshore delivery models, but it is illustrative. The underlying reasons that motivated those first projects were simply fixing someone's someone else's problem. The long-term explosion in India's services exports and its role in shaping global digital trade wasn't the explicit goal. Somewhere along the way, it took on a life of its own. To this day, India's services exports have grown from just about 5 billion in 1991 to close to 400 billion in 2020. 5 a remarkable 14.5% compounded annual growth rate. Now, I'll repeat that number again so that it sticks with you. A remarkable 14.5% compounded annual growth rate. Services now make up close to 50% of India's total exports. The strongest in the BRICS block. Services also account for 55% of India's GDP, and manufacturing itself has undergone servification, which means software, design, data analytics, cloud platforms, digital twins, now add more value than the physical products itself in cars, smartphones, pharma equipment, and pharmaceuticals. That ladies and gentlemen, is the power of path dependence. And the same power is exactly why services must become the central heartbeat of BRICS economic cooperation under India's presidency. India as you know is is the president of BRICS for this year. Allow me to make three points. First, India has already shown the world what services led growth truly looks like. From those early Y2K coders to today's AI powered Fintech digital public infrastructure and creative content industries, our services sector has transformed lives at scale. Rural entrepreneurs and women led micro businesses across India, now deliver high value digital services, content creation, virtual assistance, online tutoring, graphic design, and data analytics, directly to global clients using nothing more than a smartphone and reliable connectivity. These are sustainable, scalable livelihoods that create dignity and opportunity without requiring heavy capital investment. When manufacturing that certified, even a traditional factory flow becomes a high value exporter because the embedded software, predictive maintenance and after sales digital services command premium pricing and recurring revenue. Second, uh, Intra-BRICS services trade is already building momentum, and it is ready to explode. India already exports about 30 billion dollars in services to fellow BRICS countries. Software and IT solutions, education, skill development programs, health care, and creative digital content. The flows are substantial and growing. Across the broader BRICS block, total services exports in the world, reached 1.24 trillion
[4:00]last year with India holding a strong position. These services trade numbers can expand faster than merchandise trades within the block. Language, culture and deep people-to-people connectivity give us a natural unbeatable edge that no other economic grouping possesses. Also, we must leverage India's successes in digital public infrastructure, from digital payments to identity systems. India has built scalable, inclusive platforms that can be adapted and deployed across BRICS nations. Third, services offers the fastest and most inclusive route to MSME internationalization. Globally, MSMEs face a staggering US dollar 5.7 trillion finance gap. But services cut through the barriers overnight by removing borders through digitally delivered services. That way incomes multiply, families are supported, skills are upgraded, and entire communities participate in global value chains without ever leaving their villages or cities. Small firms don't just survive in this model, they lead. When we scale digitally delivered services across BRICS, we create millions of stories of empowerment and growth. So here is one clear message that I want every one of you to carry out of this room today. Let's make services the new bridge of BRICS prosperity. Governments can set the enabling principles and frameworks, but you, the businesses, innovators, and the leaders in this room, are the ones who must cross that bridge every single day. Localize your offerings, form deep ecosystem partnerships, innovate relentlessly, turn the same path dependence that lifted India from a Y2K fixer to global services powerhouse into a shared unstoppable BRICS advantage. When we push intra-BRICS services trade harder with courage, with collaboration, with trust, we don't just expand economies. We expand human potential. Entrepreneurs who wake, wake up every morning knowing the entire BRICS market and beyond is there to serve and to grow with. India's BRICS presidency is a historic moment. Expanding services among BRICS member states is the future path. So allow me, ladies and gentlemen, to quote honorable Prime Minister of India, Shri Narendra Modi. When every government and every citizen of this country walk together, we can challenge every challenge. This is our identity and this is our strength. Thank you.
[7:22]Thank you so much, Mr. Mohit for outlining and statistically supporting how India is approaching global trade and bilateral engagement with clarity and direction. Your insights reflected the kind of policy thinking that supports steady structural growth with focus on service-led growth, intra-BRICS services and creating an inclusive ecosystem for MSME. Where partnerships are shaped with intent and where technology is integrated as a part of a larger economic approach. Thank you so much for your time, sir. And ladies and gentlemen, we will get started with the most awaited panel discussion. Just allow the housekeeping team a minute to set up the stage. We appreciate your patience.
[14:14]around and stage for this discussion today. Uh, lovely to hear from you. Very crisp, short, but very focused and very intrigued by what you said that services is the mantra. That's driving the trade between the BRICS countries and India and other countries are taking the lead. May I first welcome, we have some prepared remarks. So I'd first like uh His Excellency, the Ambassador of Cuba to make his remarks. You're choice sir, you can make it from there or here. Please, most welcome.
[34:04]Thank you very much for that important question. Uh, I think India is a leader. We should not acknowledge that India is a leader in the, in the digital space. I mean, the the digital stack that you are sharing globally. I mean, it it it shows that you are a leader. So, I think with your leadership BRICS is positioned to you know, advance digital transformation in a very big way. In a way that could, you know, pose a challenge, you know, to to to their competitors outside the BRICS.
