India in BRICS: Navigating challenges and opportunities

Oct 24, 2024

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Introduction to BRICS

BRICS is an intergovernmental organisation of Brazil, Russia, India, China and South Africa. It is aimed at enhancing cooperation, promoting peace and security among emerging economies.

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Historical background

The term "BRIC" emerged in 2001; the first summit occurred in 2009. South Africa joined in 2010, expanding BRIC into BRICS.

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Economic significance

BRICS countries cover 30% of the world’s land and 45% of its population, contributing about 35% of global GDP and holding significant foreign reserves.

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India's Role in BRICS

India plays a crucial role in BRICS by promoting economic cooperation, advocating for global governance reforms and addressing terrorism. Its participation enhances India's global influence.

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Strategic initiatives

BRICS focuses on enhancing economic cooperation, promoting sustainable development and reforming global governance. Key initiatives include the New Development Bank, trade collaboration and addressing security challenges among member states.

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Political dynamics

BRICS has different political systems and interests, aiming for a multipolar world. While there are disagreements and China's strong influence can create challenges, the group supports cooperation among developing countries.

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Recent developments

In January 2024, BRICS expanded to include new members like Iran, Ethiopia, UAE and Egypt, aiming to enhance inclusivity and strengthen economic ties among nations.

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Challenges faced

Internal tensions exist among BRICS members, particularly between India and China. Diverse political ideologies can complicate cohesive action within the group.

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Conclusion

BRICS serves as a platform for dialogue on global issues. India's active participation is vital for shaping sustainable development and reforming global governance.

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