New Delhi, Sep 11 (IANS) Russian President Vladimir Putin said on Friday that BRICS countries account for more than 40 per cent of global GDP, compared with 29 per cent for the G7, as the world undergoes deep structural and profound shifts.

Speaking at the 'BRICS Business Forum' in the national capital, Putin noted that more than half of global economic growth over the same period came from BRICS nations, against 18 per cent from the G7, citing data from the past five years.

"The world is always changing, and this is shown in the experience of the last five years. In the last five years, more than half of the world's growth has been accounted for by BRICS whereas G7 has only accounted for 18 per cent," the Russian President said.

He also added that Western competitors were closely watching BRICS and attempting to restore their competitive edge, with the rivalry sometimes taking an "ugly" turn.

Putin said that "We have been told that competition is sacrosanct by our Western competitors doing everything to get back their competitive edge and sometimes it has taken ugly forms".

Addressing a packed house here, the Russian President added that BRICS countries have demonstrated their readiness to work hard towards building a shared future.

"The global economy is undergoing "deep, profound shifts", with new engines of growth emerging," Putin said.

The Russian President also proposed setting up a new investment platform through the New Development Bank to mobilise private-sector funding for BRICS economies, saying BRICS countries are ready to cooperate on an equal footing.

BRICS countries have "great, dynamic, vibrant domestic markets," Putin said.

The Russian President also referred to the sanctions imposed on Moscow, saying Russia faces more than 30,000 sanctions, stressing that the world was going through a period of change and such transformation was necessary for the well-being of humanity.

--IANS

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