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BRICS Business Forum

Context:

Prime Minister of India recently addressed the BRICS Business Forum that was held ahead of 14th summit of BRICS.

Relevance:

GS II- Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests., GS III-Growth & Development

Dimensions of the Article:

  1. Key Points
  2. What is BRICS?

Key points:

  • The Prime Minister while addressing the BRICS Business Forum said that the Indian Economy is set to grow at 7.5% this year. He said that a key pillar of India’s current economic growth recovery is technology-led growth.
  • The value of Indian digital economy will reach 1 trillion dollars by 2025.
  • The growth of the digital sector also encouraged the participation of women in the workforce. There are approximately 36 % women out of 4.4 million professionals working in our IT sector.
  • Also, India has one of the best eco-systems in the world for innovation, which is reflected in the growing number of Indian start-ups. There are more than 100 unicorns in over 70,000 start-ups in India, and their number continues to grow .

What is BRICS?

  • BRICS is the international grouping of Brazil, Russia, India, China and South Africa.
  • This was set up as a move towards greater multi­polarity; hence the spread across three continents and both hemispheres.
  • In terms of GDP, China occupies the second position; India the fifth; Brazil the ninth; Russia the 11th; and South Africa the 35th.
  • In terms of growth rates, China grew at 6%; India at 4.5%, Russia 1.7%, Brazil 1.2% and South Africa 0.1%.
  • BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
  • The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
  • BRICS takes into consideration each member’s growth, development and poverty objectives to ensure relations are built on the respective country’s economic strengths and to avoid competition where possible.
  • BRICS is emerging as a new and promising political-diplomatic entity with diverse objectives, far beyond the original objective of reforming global financial institutions.

-Source: The Indian Express


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July 2022
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