With the BRICS deciding to admit six countries as its new members, Prime Minister Narendra Modi on Thursday said the modernisation and expansion of the grouping is a message that all global institutions need to transform considering the changing times.

At a media briefing along with the BRICS leaders in Johannesburg, Modi said admitting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members will give new energy and direction to the grouping.

The decision on expansion of the five-nation grouping was announced by South African President Cyril Ramaphosa at the end of the three-day BRICS summit in Johannesburg.

He said the new member nations will become part of BRICS with effect from January 1, 2024.

In his remarks, Modi said the decision to expand the grouping will also further strengthen the belief of many countries in a multipolar world.

Modi made the remarks in his media statement in presence of Ramaphosa, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva.

Russian President Vladimir Putin made his media statement through video conference.

In his remarks, Modi said India has always fully supported expansion of BRICS and believed that addition of new members will further strengthen the grouping.

"I am happy that our teams have together agreed on guiding principles, standards, criteria and procedures for expansion of BRICS," he said.

"I am happy that many positive outcomes came out of three days' of deliberations," he added.

The prime minister said he was confident that "we would be able to give new dynamism to BRICS by working with new member countries of the grouping." Referring to countries being admitted as new BRICS members, Modi said India has had very deep and historic relations with all of them.