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Today, you will read General Awareness Topic:
"How India can gain at the forthcoming BRICS summit at Durban?"
South Africa will be hosting the fifth BRICS (Brazil, Russia, India, China and South Africa) Summit from 26 to 27 March at Durban. The theme for this year’s BRICS Summit is “BRICS and Africa - Partnership for development, integration and industrialization”, and the Summit will enable BRICS countries to implement long-term economic initiatives that are mutually beneficial.
India will gain from three initiatives that will be discussed during the BRICS Summit – the BRICS Cable Initiative, the BRICS Trade and Risk Development Pool Project, and the BRICS Development Bank.
Over the past few years, India’s growth has been propelled by the export of information technology services, made possible through investments in technology and innovation. So, to enhance the economic growth of India and other BRICS countries, it is important to focus on technological development such as the BRICS Cable Initiative, which is an underwater cable system, aimed at connecting BRICS countries seamlessly.
Currently, India is connected to other BRICS countries by telecom hubs in Europe and the US, resulting in the possible interception of confidential data. Once the BRICS Cable Initiative is launched, India will be able to have a secure and a direct telecom service, making the flow of information between countries more efficient and cost effective.
Next, India will benefit from the discussions on the BRICS Trade and Risk Development Pool Project, which aims to bring together the risk reinsurance of the BRICS countries.
South Africa’s financial services sector is considered top-notch and the best in the world, which is why the remaining BRICS countries will benefit from joining forces with South Africa. Through this project, India will be able to tap into the financial strengths of its partner countries and gain from enhanced cross-border trade and development.
Another important initiative that will be discussed in detail is the BRICS Development Bank. This initiative will help India and other countries to develop the necessary infrastructure for economic growth. India is keen on increasing the number of job opportunities for the increasing number of youths and young adults entering the workforce every year and this initiative will help India to achieve its goal.
A number of projects will be discussed in the upcoming BRICS Summit, and all of them have a significant impact on India’s economy. We are living in an interdependent world, where it is important for countries to come together and share their strengths and resources for the benefit of everyone.
And India’s participation in these discussions will help to strengthen political and economic ties with Brazil, China, Russia and South Africa. With the elections coming up next year and a number of domestic infrastructure projects in the pipeline, the current government has to work hard to develop the country and win the trust of the citizens.
The latest Railway Budget and the Union Budget point towards one thing – more funds for development. To ensure that there are sufficient funds, India should participate actively to reap the sweet benefit of the upcoming BRICS projects.