1 hr ago
India Urged to Drive BRICS Global Economic Growth
Business leaders said India could help BRICS countries create more economic growth.
They pointed to India's strong growth rate of 7.8 percent.
They also praised Indian entrepreneurs, new technology and digital systems.
BRICS includes 11 member countries and 10 partner countries, according to FICCI.
These countries work together on trade, energy, food security and other important supplies.
Some leaders expect more trade using local currencies.
However, one leader said this does not automatically mean countries are trying to stop using the dollar.
A French geology expert also said India and France are working together on minerals needed for energy and industry.
The speakers said cooperation could create more investment, jobs and business opportunities.
Industry leaders said India can help shape global economic growth with BRICS nations.
They highlighted India's 7.8 percent growth, entrepreneurship, innovation and digital infrastructure.
FICCI said BRICS now includes 11 members and 10 partner countries.
Harsh Pati Singhania predicted more trade in local currencies but rejected equating this with de-dollarisation.
France's geological survey and India are expanding cooperation on critical minerals, data and processing.
- Who
- Indian industry leaders, BRICS representatives and French geological experts.
- What
- They discussed India's potential to support economic growth, trade and cooperation among BRICS countries.
- Where
- New Delhi.
- When
- On Friday, on the sidelines of the BRICS Summit and BRICS Business Forum.
- Why
- To expand trade, investment, supply-chain cooperation, technology partnerships and work on critical minerals.
Expanded Local-Currency Trade
Cautious Interpretation
Meaning of increased local-currency trade
Expanded Local-Currency Trade
Harsh Pati Singhania said trade among BRICS countries in local currencies is likely to increase.
Cautious Interpretation
Singhania cautioned that greater local-currency trade should not necessarily be interpreted as a move toward de-dollarisation.
Key facts
- India's growth rate
- 7.8 percent, according to comments cited in the report.
- BRICS composition
- 11 member countries and 10 partner countries.
- Potential cooperation areas
- Global production, trade, energy, food security and fertiliser supply chains.
- Business opportunities
- Leaders highlighted digital public infrastructure, investment policies, jobs and stronger commercial ties.
- Currency trade
- Trade among BRICS countries in local currencies is expected by one speaker to increase.
- India-France cooperation
- Cooperation includes technology, resources, geological data, exploration, data science and mineral processing.
- Institutions involved
- BRGM and the Geological Survey of India are working together on geological and mineral-related activities.
Quotes
Neeraj Bhatnagar
Founder and Chairman of The Corporate Profiles India
“India has the kind of potential in innovation and entrepreneurship that can serve as an inspiration not only for BRICS countries but also for the rest of the world,”
thehansindia.com
Sources
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