47 mins ago
Experts Back Modi as BRICS Drives Global Economic Growth
BRICS is a group of countries with very large economies.
Experts agreed with Prime Minister Narendra Modi that these countries are important for world economic growth.
They said BRICS countries, especially India and China, have grown faster than the global average in recent years.
Together, BRICS economies produce about $33 trillion worth of goods and services.
When measured another way, BRICS and allied countries are estimated to have an $82 trillion economy.
Experts expect the countries to discuss trade and investment.
One investment target mentioned is $1 trillion for projects in BRICS economies.
Ajay Dua said becoming fully self-reliant is difficult, especially in manufacturing.
A United Nations spokesperson said BRICS can also help countries cooperate and reduce tensions.
Experts supported Prime Minister Narendra Modi’s view that BRICS economies are increasingly important to global growth.
BRICS economies together account for nearly $33 trillion in GDP, or about 27% of the global economy.
BRICS and allied nations have an estimated combined purchasing-power-parity economy of $82 trillion, exceeding the G20.
Experts said trade, investment and bilateral commerce are likely to be central to BRICS discussions.
Ajay Dua cautioned that national self-reliance, including India’s manufacturing self-sufficiency, remains uneven and difficult.
- Who
- Prime Minister Narendra Modi, former Commerce Secretary Ajay Dua, SWFI Chairman Lakshmi Narayanan and United Nations spokesperson Stephane Dujarric.
- What
- Experts endorsed the view that BRICS has become a major driver of global growth and could expand trade, investment and multilateral cooperation.
- Where
- The statements were made in discussions with IANS; the article focuses on BRICS economies and their international role.
- When
- The comments were reported on Saturday; the article also refers to global growth over roughly the previous 10 years.
- Why
- BRICS has substantial economic output and population share, while members face global trade disruptions and seek stronger economic cooperation.
Growth and Cooperation
Limits and Challenges
BRICS economic role
Growth and Cooperation
Supporters say BRICS has become a major driver of global growth and has substantial potential to expand trade, investment and multilateral cooperation.
Limits and Challenges
Ajay Dua cautioned that economic self-reliance for individual countries is more difficult and cannot be assumed from the bloc’s collective strength.
International priorities
Growth and Cooperation
Lakshmi Narayanan expects trade and commerce to be key outcomes, while Stephane Dujarric said BRICS can promote dialogue and lower tensions through multilateral cooperation.
Limits and Challenges
The experts noted that BRICS members have been affected by global trade disruptions, showing that the bloc still faces economic pressures and coordination challenges.
Key facts
- BRICS GDP
- Nearly $33 trillion, representing around 27% of the global economy.
- BRICS and allied economies
- About $82 trillion on a purchasing-power-parity basis.
- Global growth rate
- The global economy has grown at approximately 3.5% annually in recent years.
- Growth comparison
- BRICS countries, particularly India and China, have recorded higher growth rates than the global average.
- Investment target
- iBRICS aims to facilitate $1 trillion in investment into BRICS economies.
- Expected discussion focus
- Trade, bilateral commerce and investment are expected to be central topics.
- Self-reliance challenge
- Ajay Dua said India’s manufacturing progress toward self-sufficiency has been sectoral rather than broad-based.
Quotes
Lakshmi Narayanan
Chairman of SWFI
“I think what the Prime Minister Narendra Modi has said is absolutely correct. While the world has grown at about three-and-a-half per cent annually in the last ten years or so, the average of the BRICS countries, particularly India, has been very much higher.”
thehansindia.com
“The core focus will be on trade and commerce and bilateral trade because all the BRICS countries have been impacted. That, I expect, will be one of the key outcomes.”
thehansindia.com
Stephane Dujarric
Spokesperson for the UN Secretary-General
“From the Secretary-General's point of view, the important thing is intense multilateralism. What we need to see is countries reaching positive deals between regional blocs and between countries, which can help lower tensions that naturally exist at times.”
thehansindia.com
Sources
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