Slower growth, rivalries key issues at BRICS summit in India

Written by | October 14, 2016 | 0

New Delhi: In current times, India is one of the most important players in Brics  a group made up of Brazil, Russia, India, China and South Africa.

The reason is that India is seen as a bright spot in a bloc whose clout has been undermined by economic woes.

Brics was formed in 2006 with the aim of using its growing economic and political influence to challenge Western hegemony. The nations, with a joint estimated GDP of $16 trillion, set up their own bank in parallel to the Washington-based International Monetary Fund and World Bank and hold summits rivalling the G7 forum.

But the countries, accounting for 53 percent of world population, have been hit by falling global demand and lower commodity prices, while several have also been mired in corruption scandals.

Russia and Brazil have fallen into recession recently, South Africa only just managed to avoid the same fate last month while China’s economy — the recent engine of world growth  has slowed sharply.

India by contrast is now the world’s fastest-growing major economy in an otherwise gloomy environment and its GDP is expected to grow 7.6 percent in 2016-17.

Here is what we can expect from the 8th Brics Summit on 15 and 16 October in Goa:

According to the Brics 2016 website, the theme of India’s Brics chairmanship is Building, Responsive, Inclusive and Collective Solutions.

India has adopted a five-pronged approach for the Summit which is called ‘IIIIC’ or ‘I4C’, which stands for Institution building (to improve and institutionalise Brics cooperation),

Implementation (of the decisions taken in previous summits), Integrating (integration of current cooperation mechanisms), Innovation (new cooperation mechanisms) and Continuity (keeping up with the existing mechanisms).

IANS also reported that Indian foreign ministry official Amar Sinha said the leaders would debate “global growth prospects, the role of Brics in leading this global growth and our contributions to it”. He also confirmed regional security and climate change were on the agenda while Russia is expecting talks on Syria.

Filed in: National

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