Later, Modi would attend the BRICS plenary where the leaders will discuss intra-BRICS cooperation for economic development of their societies, he added.
MoUs would be signed between the trade and investment agencies, after which a BRICS joint declaration would also be issued.
The five major emerging economies comprise 42 percent of the world's population, having 23 percent of the global GDP and 17 percent of world trade.
"I would be taking part in this year's BRICS Summit being held in Brazil on November 13 and 14. The Summit's theme is 'Economic growth for an innovative future.' I look forward to holding discussions with BRICS leaders on greater cooperation in a wide range of areas," Modi said on Tuesday ahead of his departure.
He said on the sidelines of the BRICS Summit, he would be addressing the BRICS Business Forum and interacting with BRICS Business Council as well as the New Development Bank. "Improving economic linkages augurs well for the BRICS nations," he said.