News Highlights
China hosts the BRICS Business Forum and India becomes part of it. The BRICS Business Forum meeting was held ahead of 14th summit of BRICS nations
India in the BRICS Business Forum
- As per India the country expects the growth of 7.5% and the key engine of growth is technology.
- As per India the country is focusing innovation-friendly policies in many areas like space, blue economy, green hydrogen, clean energy, drones, geo-spatial data
- Value of Indian digital economy
- The value of the 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.
- The maximum benefit from Technology-based financial inclusion has also been gone to the women in our rural areas
- India’s Recommendation
- India proposed that the BRICS Business Forum may develop a platform for regular exchanges between start-ups in BRICS countries.
- India also called for a dialogue on “innovation-led economic recovery”.
- For post covid recovery India put forward the idea of mantra of ‘reform, perform and transform’,”
- India’s Start up Conditions
- There are more than 100 unicorns in over 70,000 start-ups in India, and their number continues to grow
- India has eased a number of rules to enhance business conditions.
- There are investment opportunities of $1.5 trillion under our National Infrastructure Pipeline
China in the BRICS Business Forum
- China slammed the US and EU for imposing sanctions against Russia for its invasion of Ukraine, saying the act of imposing curbs will harm people around the world.
- China criticised the QUAD initiative in the Indo – Pacific by arguing that it will affect the stability of the region and China proposed the Global Security Initiative (GSI) to counter QUAD in the region.
What is BRICS?
- BRICS grouping includes world’s leading emerging economies, namely
- Structure of BRICS
- BRICS is not a formal organisation; rather, it is an annual summit between the leaders of five countries.
- According to the formula B-R-I-C-S, the chairmanship of the forum is rotated annually among the members.
- Over the last decade, BRICS cooperation has grown to include an annual program of over 100 sectoral meetings.
- Objectives of BRICS
- For more sustainable, equitable, and mutually beneficial development, the BRICS aspire to deepen, broaden, and accelerate collaboration within the grouping and among individual nations.
- To guarantee that interactions are established on the respective country’s economic strengths and to prevent competition whenever possible, BRICS takes into account each member’s growth, development, and poverty objectives.
- BRICS is establishing itself as a new and promising political-diplomatic body with a wide range of goals that extend far beyond the basic goal of overhauling global financial institutions.
Way Forward
- By joining hands by emerging economies in the BRICS platform can act as a growth engine to the world that can replace the influence of western dominated blocs upto to a level.
Content Source : Indian Express