India’s Potential And It’s Role In BRICKS

Posted: July 25, 2014 in Corporate Lawyers
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BRICS; the association of world’s most powerful developing economies viz, Brazil, Russia, India, China, and South Africa is the propeller of world economy and if we put aside these BRICS countries from the world map, the picture will be very dismal and gloomy as majority of countries in Europe and America are struggling with demand crisis and low productivity. BRICS gained a distinct prominence because of large geographical boundaries, abundance of resources, educated and skilled population and a huge internal market. Fortunately, India is a country thriving on immense natural resources, a section which is well conversant in English, large internal market and people with enterprising skills.
Recently, prime minister Narendra Modi attended the BRICS summit in Brazil and clears India’s stand for sustainable and inclusive growth. He said,” BRICS was in a position where it wields enough horizontal influence to compel the world to take notice, but there was need to deepen the bonds vertically. We must go beyond summit & leader-centric deliberations and champion sub-national level exchanges”.
India has a great role to play in the near future. Various agreements and MoUs have already been signed between BRICS development banks to promote intra-BRICS trade and investment. Prime Minister suggested that the council should work in close coordination with the development banks and contact group on trade and investment issues. The current economic significance of the BRICS in the global market is going more and more power centric as all the five countries have a unique niche in world politics and it is quite parallel to the old axiom that, who posses power really rules the world.
The existence of BRICS is not restricted to economic and political power and countries like India can play a vital role in resolving various social issues like empowerment of women, health and sanitation, energy crisis and racial discrimination. India has sound experience in dealing with such issues at national level and this experience can work potently in resolving the issues of BRICS countries.
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