BRICS

Introduce yourself

BRICS, or the acronym, is an association made up of five emerging major economies: Brazil (the largest), India (the second-largest), China and South Africa. All are G-20 Members. South Africa joined the G-20 in 2010, after it was initially excluded. Its goal is to encourage cooperation on economic development and security. This article explores the role and influence of BRICS within the Indian context.

Histories

1. Formation and evolution:

   • 2001: The term "BRIC" was coined by economist Jim O’Neill.
   • The first official BRIC Summit was held in Yekaterinburg (Russia) on September 9, 2009.
   • The group was renamed BRICS in 2010 after South Africa’s invitation.

2. Priority objectives:

   • Peace, Security, and Development
   • Reform international financial mechanisms and political structures
   • Avoid competition and use complementary skills of members

Key Initiatives of BRICS

Economic Cooperation

1. New Development Bank:

   • Established: 2014
   • Financing infrastructure projects and sustainable development in BRICS economies and emerging economies.
   • Shanghai, China
   • Indian involvement: India has benefited significantly from loans given by NDB to various infrastructure projects such as the Mumbai Metro Rail Project.

2. Contingent Reserve Arrangement (CRA):

   • Established: 2015
   • Protection against global liquidity pressures.
   • Indian perspective: CRA is a safety net that helps stabilize the Indian economy in times of economic downturn.

3. BRICS Trade and Investment:

   • BRICS trading agreements are being strengthened.
   • India’s Engagement – The increase in trade between India, and other BRICS nation has been notable. As an example:

     • India and Russia collaboration in the Energy Sector
     • India-China Trade has exceeded $100 Billion despite the geopolitical tensions.

Co-operation in Politics

1. BRICS Summits:

   • Discuss and plan global strategies and regional concerns.
   • Indian context: India was the host of the 8th BRICS Summit, which took place in Goa, India, in 2016. The focus on this summit was policy alignment, innovation, skills development and healthcare improvements.

2. Diplomacy multilateral:

   • The BRICS Nations have agreed to coordinate their activities on different UN platforms.
   • Participation to dialogues on reforming global governance structures
   • India’s campaign for UN Security Council Reforms with the support of BRICS partners.

Socio-Cultural Cooperation

1. People to People Exchanges:

   • Annual BRICS festivals and games that promote mutual understanding.
   • Through BRICS Network University, academics and researchers can collaborate on research.

2. Health Initiatives:

   • Research collaboration and pandemic prevention are key to a successful medical industry.
   • India’s contribution to the BRICS Vaccine Research and Development Centre.

Technological and Scientific Cooperation

1. BRICS STI Framework:

   • Launch of joint satellite missions and data sharing
   • India’s ISRO is a key player in all of these joint ventures.

2. BRICS Innovation Action Plan:

   • Synchronizing the technology transfer program with research programs.
   • BRICS partnership has provided India with new technology and investment.

India’s role in BRICS

The following are some of the leading leaders in Leadership

1. Visionary Leadership:

   • India has taken the lead in advancing developmental agendas and reformative initiatives within BRICS. For example, Narendra Modi’s emphasis during BRICS meetings on sustainable development as well as digital infrastructure.

2. Strategic Partnerships:

   • India is keen to use the BRICS platform in order to form strategic alliances on energy security, digital economies, and counterterrorism.

Economic Contribution

1. Investments:

   • The contributions of India to NDB, CRA and other institutions have boosted the collective security.

2. Trade Growth:

   • BRICS’s improved commercial relations have facilitated Indian products and services to gain access to the market, which has benefited sectors from IT to pharmaceuticals.

The Challenge and Criticism

1. Geopolitical Conflicts:

   • India-China border disputes: influence the general diplomatic atmosphere in BRICS.

2. Asymmetry in the economy:

   • BRICS countries can sometimes have different benefits due to differences in their economic strength and level of development.

You can also read our conclusion.

BRICS offers India a collaborative platform to interact with other emerging economies. India’s growth goals and aspirations are aligned with BRICS because of its focus on non-western, pragmatic development cooperation. India is well positioned on the international stage despite challenges.

FAQs

What is BRICS in its fullest form?

AnswerBRICS is an acronym for Brazil, Russia India China and South Africa.

What year did India join BRICS?

AnswerIndia is a member of BRIC, the first group to be formed. It held its official summit in 2009 In 2010, South Africa was added to the group, and it became BRICS.

What is the New Development Bank’s main goal?

AnswerNew Development Bank’s (NDB’s) main goal is to finance projects for sustainable infrastructure development in BRICS countries and emerging economies.

Why has India benefited economically from BRICS?

AnswerBRICS have benefited India financially by granting loans to infrastructure projects through NDB, enhancing the trade relationship, and providing a safety net for financial matters through CRA.

What were the most important outcomes of India’s 2016 BRICS Summit?

AnswerThe formulation of a strategy focusing on healthcare, innovation and skill development was a significant result, emphasizing India’s commitment to implementing a comprehensive policy.

What is the role of India in BRICS health initiatives?

AnswerIndia is a major contributor to the BRICS Healthcare Initiatives by taking part in research collaborations and fighting pandemics. This can be seen in its participation in BRICS Vaccine Research and Development Centre.

What role does BRICS play in India’s technological sector?

AnswerBRICS is supporting India’s tech sector with joint missions in space, data-sharing via satellites, and the BRICS Innovation Action Plan which supports technology transfer and collaboration.

What are the challenges that BRICS faces in India?

AnswerThe challenges include the geopolitical tensions and, in particular, disputes over India’s border with China, as well as economic imbalances among members that could lead to an unbalanced benefit.

What is the BRICS plan to reform global financial and political systems?

AnswerBRICS aims at reforming international political and financial mechanisms. They advocate for greater representation of developing economies in financial institutions around the world and support the UN Security Council reform.

What are the cultural initiatives promoted by BRICS in order to promote mutual understanding and respect?

AnswerCultural initiatives, such as the annual BRICS festival, games and collaborations with academics via the BRICS Network University are aimed at enhancing mutual understanding and connections between people.

India has been able to position itself strategically within the BRICS Framework to encourage economic growth and technological advances, as well as cultural exchanges, while also gaining global diplomatic influence.