India Report: PM Modi warns against weaponisation of technology and critical minerals at BRICS summit

• India scores a diplomatic victory by forging consensus among BRICS member countries with divergent interests to adopt a common BRICS 2026 Declaration.
• Prime Minister Narendra Modi warns against the weaponisation of technology and critical minerals during his address at the BRICS summit.
• Chinese President Xi Jinping announces an open-source artificial intelligence (AI) hub for BRICS member countries.
• The New Delhi Declaration contains key commitments on trade, energy, health, technology, global governance, conflict and terrorism, including references to the Pahalgam attack and the Israeli assault on neighbouring countries.
• The declaration strikes a fine balance by criticising unilateral sanctions, tariffs and non-tariff measures without naming the United States (US), while remaining silent on the Russia-Ukraine conflict and US strikes on Iran's nuclear facilities.
• Rather than proposing a common BRICS currency to replace the US dollar, the declaration emphasises conducting trade transactions in local currencies.
• In a significant breakthrough, BRICS 2026 helps ease tensions between Iran and the United Arab Emirates (UAE), rivals in the ongoing West Asia conflict.
• State Bank of India (SBI) cautions consumers about a possible rise of up to 0.5 per cent in lending rates amid a global increase in crude oil prices.

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