BRICS leaders interact with Bay of Bengal group

The Prime Minister also said that the footprint of intra-BRICS engagement has expanded to include large areas of economic activity.

With Russia, Brazil and South Africa on the economic skids and China slowing, the initial euphoria has faded, yet Kamath said the BRICS had much to gain by deepening their cooperation.

Modi called for a comprehensive convention on global terrorism, and his bilateral meeting with Xi on Saturday was mainly taken up with terrorism, according to Indian officials.

The development momentum of China-India ties is encouraging, and a healthy and stable China-India relationship is conducive not only to both countries' development, but to safeguarding the developing countries' reasonable interests in global governance and worldwide systems, said Xi.

"I think I speak for all when I say that through a common vision and collective action, we will create and sustain deeper bonds among BRICS nations, develop our economies and secure our societies", he said.

They also agreed to work together to combat "cross-border" terrorism, but Modi´s guests held off from signing up to his fierce condemnation of India´s arch-rival Pakistan as the "mothership of terrorism".

"To those who nurture the philosophy of terror and seek to de-moralise mankind, we must send a clear message to mend their ways or be isolated in the civilized world", he said. "It's a mindset that we strongly condemn".

When they sit down to talk, the leaders will attempt to push their own interests. "We should set ourselves a target to double this number to $500 billion by 2020", said Modi.

Modi said the New Development Bank, a major funding initiative by BRICS that became operational a year ago, has set clean energy and green, sustainable infrastructure as priorities.

"We agreed to strengthen cooperation in combating worldwide terrorism both at the bilateral level and at global fora". According to the organizers the design symbolizes India's national flower in the middle, folded into a "Namaste" gesture, surrounded by other petals that represent Russia, Brazil, China and South Africa. "We believe that global conflicts should be resolved exclusively through political and diplomatic means and we reject all forms of pressure using force and infringement of other countries' sovereignty", said Putin.

Prime Minister Modi expressed his delight to note that the BRICS Business Council also has matching priorities of ease of doing business, dismantling trade barriers, promoting skill development, established manufacturing supply chains and infrastructure development.

The BRICS nations agreed that the New Development Bank, which the group set up in 2014, should continue to focus on infrastructure, technology and renewable energy sectors, adding that "in order to further bridge the gap in the global financial architecture, we agreed to fast track the setting up of a BRICS credit rating agency". He added that the NDB has made commitments of $911 million in this year and hopes to close 2016 with $1 billion.

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