Michael Debabrata Patra: BRICS – From acronym to international financial powerhouse

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BRICS: FROM ACRONYM TO GLOBAL ECONOMIC POWERHOUSE

Professor Pami Dua, Director, Delhi College of Economics, Prof. Yogesh Singh, Vice Chancellor, College of Delhi, Prof. Sanghamitra Bandyopadhyay, Director, Indian Statistical Institute, Delhi Centre, Prof. Chetan Ghate, Indian Statistical Institute, distinguished invitees and convention contributors, I’m honoured to be invited to ship the inaugural keynote deal with for the convention on ‘Progress and Growth within the BRICS Economies’ collectively organised by the Delhi College of Economics and the Indian Statistical Institute, Delhi Centre. The convention is well timed and topical in view of India taking on the presidency of BRICS in 2021. The discussions within the convention and the signed papers to be offered will certainly shine gentle on how the BRICS economies chart their course by way of the pandemic and right into a post-pandemic future. My deal with is loosely divided into two components, though I may be transferring forwards and backwards to tease out the inter-linkages. The primary half will take care of the state of the BRICS economies and the instant challenges that they face. This can be adopted by an summary of the challenges confronting India, in view of the present BRICS presidency.

BRICS IN THE GLOBAL ECONOMY

The acronym BRIC is traced again to 2001 and broadly attributed to Jim O’Neill, then Chairman of Goldman Sachs Asset Administration, however apparently there’s some dispute about its origin. Be that as it could, the primary formal assembly of BRIC, i.e. Brazil, Russia, India and China, represented by their Leaders passed off in Yekaterinburg, Russia in 2009. South Africa joined in 2010 and accomplished the BRICS. Collectively the BRICS account for greater than 40 per cent of the world’s inhabitants, 1 / 4 of worldwide GDP, 1 / 4 of worldwide direct international funding and near a fifth of world commerce. It’s on this context that the BRICS are being thought to be an rising international powerhouse.

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