Narendra Modi also met in Ufa with Russian President Vladimir Putin. Topping the agenda of talks was India's request for full membership into the Shanghai Cooperation Organisation, which was recently approved. Modi voiced his gratitude for the approved bid, as well as for the invitation to the organization's summit in Russia.

"I am grateful to you that India is getting SCO membership at a time when Russia is presiding over BRICS. I am also grateful that you personally called me up asking me to attend the Shanghai Cooperation Organization summit," said Modi.

Modi also said India joining the SCO will consolidate relations between India and other countries in the region. Leaders from all BRICS member nations are meeting in Ufa as they prepare to launch a development bank.

Putin told Modi he expects the summit to put the finishing touches to a 100-billion dollar contingency currency reserves pool. The two leaders also discussed their countries' strategic partnership and trade cooperation.