The future of BRICS and India
The 11th edition of the BRICS summit is joined by the Prime Minister Narendra Modi at Brasilia, the capital city of Brazil. Prime Minister Modi has given emphasis on the strengthening of BRICS. He has focused to maintain cooperation in the field of politics, economy and humanitarian growth. This also becomes important as India has decided to keep itself away from the Regional Comprehensive Economic Partnership (RCEP).
BRICS is a group of five nations including Brazil, Russia, India, China and South Africa. The ‘BRIC’ term was coined by a British economist Jim O’ Neill in 2001. Later on, South Africa joined this and it became BRICS. This group constitutes more than 40% of the world’s population and it accounts for almost a third of GDP at purchasing power parity and an around 17% share of world trade even sometimes giving the competition to G7.
The world is witnessing many changes at this point of time. There is a need to strengthen the groups like BRICS which could emerge as a counter to this hegemonic era. Despite the global economic slowdown, the performance of BRICS is not so pessimistic in comparison to the rest of the world. Their economies are performing well and this could stabilize the rest of the world also.
This is very high time for India. It could harness the maximum benefit from the BRICS. Despite having some complex relations with China, India should use the BRICS platform to form friendly relations and cooperation in the field of trade and rationalizing tariffs.
BRICS has been emerging as a pillar in this polycentric world order. It is protecting the values of multiculturalism and supporting transparent non-discriminatory, open, free and inclusive international trade. BRICS could become a common market in coming time. This powerful relationship can benefit each member nation in achieving the Sustainable Development Goals (SDG) which indeed is very important for the betterment of each nation.
India needs to continue with the policy of progressive and comprehensive engagement. Although India has friendly relations to each nation individually too. New actions must be taken for trade and custom reforms. BRICS business models should be established for better trade. Service sector should be given more emphasis so that India could use out it in a maximum profitable way.
BRICS has provided a voice to the leading developing nations. The western model can be countered with more closure engagements. The New Development Bank (NDB) which is an initiative by the BRICS will help in improving the western leaning Bretton Woods Systems and WTO.
India should use the BRICS as a platform to galvanize its efforts against global terrorism. BRICS strategy to counter-terrorism, drug trafficking and organized crime will also bring out the many changes. Innovation solutions for healthcare, science & technology and education can also be harnessed. This year the theme of the summit is “The economic growth for innovative future” which moreover shows the future of BRICS in the creation of a sustainable word and most importantly creating a balanced new world order.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of The Kootneeti Team