Addressing the plenary session of the BRICS Summit in China's Xiamen city, PM Modi said trade and economy were the foundations of the cooperation among BRICS -- Brazil-Russia-India-China-South Africa.
He also called for the creation of a BRICS rating agency to cater to financing needs of sovereign and corporate entities of developing countries.
The prime minister said a strong partnership among member nations on innovation and digital economy can help spur growth, promote transparency and support the sustainable development goals.
He also urged central banks of member nation to further strengthen their capabilities and promote cooperation between the Contingent Reserve Arrangement of the grouping and the International Monetary Fund.
The prime minister emphasised the need to accelerate track of cooperation in smart cities, urbanisation and disaster management.
"BRICS has developed a robust framework for cooperation; contribute stability and growth in a world drifting towards uncertainty. Our endeavours today touch diverse areas of agriculture, culture, environment, energy, sports and Information and Communications Technology (ICT)," he said.
Prime Minister Modi asserted that the grouping was in a "mission-mode" to eradicate poverty and ensure health, sanitation, skills, food security, gender equality, energy and education.
He said women's empowerment programmes were "productivity multipliers" that mainstream women in nation building.