Prime Minister Narendra Modi with South African President Cyril Ramaphosa. (ANI)

Johannesburg: On the second day of the 15th BRICS Summit, Prime Minister Narendra Modi on Wednesday is scheduled to hold a bilateral meeting with South African President Cyril Ramaphosa.

Later in the day, PM Modi is scheduled to attend open and closed plenary sessions in Johannesburg.

The plenaries will be followed by a cultural performance and a banquet dinner hosted by President Ramaphosa.

The opening day of the 15th BRICS Summit in Johannesburg was witness to the BRICS Business Forum Leaders’ Dialogue.

In his address at the BRICS Business Forum Leaders' Dialogue, PM Modi said India will soon be a 5 trillion dollar economy and in the coming years will be the growth engine of the world.

PM Modi’s special message to the dialogue was that mutual trust and transparency can help create a big impact, especially in the Global South.

Meanwhile, Ramaphosa said as the country has an urbanised population and can provide a stable workforce in future, BRICS countries have an opportunity to contribute to and participate in Africa's growth story.

"Africa has a young digitally connecting and urbanizing population. A population that provides a stable workforce for companies in future. The investment in skills... continues to grow," President Ramaphosa said.

Soon after the Business Forum, PM Modi arrived at the Summer Place in Johannesburg to participate in the BRICS Leaders Retreat where the leaders of the grouping will deliberate on global developments and explore how to utilize the BRICS platform effectively to address and resolve global challenges.

Brazil's President Luiz Inacio Lula da Silva, Chinese President Xi Jinping and Russia's Foreign Minister Sergei Lavrov attended the event.

PM Modi arrived in South Africa earlier on Tuesday and received a ceremonial welcome at Waterkloof Air Force Base.

Upon his arrival, PM Modi received a rousing welcome from the Indian diaspora chanting 'Vande Mataram' and the members of the Indian community were waiting for PM Modi's arrival to welcome him with 'dhols' outside the Sandton Sun Hotel in Johannesburg.

Women members of the Indian diaspora tied 'Rakhi' to the wrist of PM Modi as they welcomed him to the country. The prime minister also inspected a model of the Swaminarayan Temple in Johannesburg.

The under-construction temple once completed by 2025 will be the largest Hindu temple in Africa and Southern Hemisphere.

This is PM Modi's third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.

Initially formed as BRIC, a visionary concept coined by Goldman Sachs economist Jim O’Neil in 2001, BRICS comprises Brazil, Russia, India, and China - a collective representation of burgeoning emerging markets brimming with current and future economic prowess. In a momentous development in 2010, South Africa joined the bloc, prompting a change in the acronym to BRICS.

BRICS stands as a beacon of economic optimism, presenting an alternative global order to challenge the dominance of traditional institutions.