GS Paper 2
Syllabus: Bilateral, regional and global grouping and agreements involving India.
Context:
- The Russian President called for the strengthening of BRICS(Brazil, Russia, India, China and South Africa) at a virtual summit of leaders of the grouping hosted by China.
- Indian Prime Minister focussed on the importance of BRICS in the post-pandemic global economic recovery, Chinese President called upon members to reject the“Cold War mentality” and oppose what he called “unilateral sanctions” by the U.S. and the European Union.
Key points of the meeting:
- The Indian Prime Minister said BRICS countries have a “very similar view of the governance of the global economy”.
- He hailed “practical” cooperation in areas:
- New Development Bank
- Satellite agreement
- COVID Research and Development Centre set up in South Africa,
- Mutual recognition of pharma products, including COVID vaccines and medicines.
- The Beijing summit declaration said that BRICS countries recalled their national positions as expressed at the United Nations
PM at BRICS Business Forum meet
Expecting a 7.5% economic growth rate this year:
- He proposed that the BRICS Business Forum may develop a platform for regular exchanges between start-ups in BRICS countries.
- He also called for a dialogue on “innovation-led economic recovery”.
- Key pillar of India’s current economic recovery is technology-led growth.
- Innovation-friendly policies in many areas like space, blue economy, green hydrogen, clean energy, drones, and geo-spatial data.
- The value of the Indian digital economy will reach 1 trillion dollars by 2025.
- BRICS Women Business Alliance can undertake a study on this transformative change in India.
Insta Link
To read more about BRICS: click here
Practice Questions
Q. BRICS countries have a very similar view of the governance of the global economy”. Do you agree with the statement? Justify your answer. (10M)
Q. Which of the following is the correct arrangement of BRICS countries from west to east?
a. Brazil-South Africa-India-China-Russia
b. Brazil-South Africa-Russia-India-China
c. South Africa-Brazil-China-Russia-India
d. Brazil-South Africa-China-Russia-India
Ans: (b)
