How much does India benefit from BRICS, why is everyone's eyes on PM Modi this time?

BRICS Summit / How much does India benefit from BRICS, why is everyone's eyes on PM Modi this time?

BRICS Summit - How much does India benefit from BRICS, why is everyone's eyes on PM Modi this time?

BRICS Summit: Prime Minister Narendra Modi is visiting Russia for the second time this year, where he will participate in the 16th BRICS summit. This summit will be held on 22 and 23 October in Kazan, the capital of Tatarstan, Russia, on the banks of the Volga River. This year's summit is special because it is the first summit to be held after the expansion of BRICS last year, which is being considered very important internationally. Let us know what BRICS is and what is its importance for India.

Formation of BRICS: Beginning of a global platform

BRICS is an inter-governmental informal organization, which includes Brazil, Russia, India, China and South Africa. It started in the year 2009 as BRIC on the initiative of Russia, in which South Africa was not included. After the membership of South Africa in 2010, it came to be called "BRICS". The BRICS summit is organized every year, and the heads of state of its member countries participate in it.

Last year, the BRICS summit was held in Johannesburg, South Africa, in which Egypt, Iran, Ethiopia and the United Arab Emirates were given new membership. After this, this summit to be held in Kazan has become even more important.

Objectives of BRICS

The term BRICS was coined in 2001 by Goldman Sachs analyst Jim O'Neill, who gave this name keeping in mind the rapidly growing economies of Brazil, Russia, India and China. The main objective of BRICS is to promote mutual economic cooperation among developing countries, so that the dominance of the policies of Western countries can be reduced and the voice of developing countries can get a place on the international platform.

Another objective of this organization is that it should be a global platform where member countries can strengthen mutual political and cultural relations and protect each other's interests. Simply put, the goal of BRICS is to challenge the global system dominated by America and Western countries, although it is not against any country but is a strong platform for developing countries.

Global power of BRICS

The collective power of BRICS can be gauged from the fact that its member countries account for 44 percent of the world's total oil production. After the addition of new members, the total population of BRICS has increased to 3.5 billion, which is about 45 percent of the world's total population. The combined economy of its member countries is more than 28.5 trillion US dollars, which is 28 percent of the global economy.

The goal of BRICS is to develop a multilateral trading system in international trade that is open, transparent and rule-based. This group wants to reduce the dominance of the US dollar, and emphasizes on increasing the use of their respective currencies in trade between member countries. However, no concrete decision has been taken on the common currency of BRICS so far.

Importance of BRICS for India

India has long been committed to organizations like BRICS, and it is a supporter of a multipolar world order, where Western countries do not dominate. Indian Foreign Minister S. Jaishankar has also given a clear message from the BRICS platform that the world has now become multipolar and it should not be seen from the old perspective.

For India, BRICS is a platform that gives it an opportunity to raise its voice at the global level. Through this, India is establishing itself as the voice of the global South.

India's role in the BRICS conference

In this BRICS conference, the eyes of the world are fixed on India. Due to the Russia-Ukraine war, America and Europe have imposed sanctions on Russia, but the friendship between Russia and India is not hidden from anyone. At the same time, there is tension between China and America, while Russia and China are very close to each other. In such a situation, America and Europe want India to stand against Russia, but India is known for its independent policy.

In the BRICS conference, India can openly raise its issues with Russia and China. Especially India can clarify its position regarding relations with China. If China backs off from its aggression, this summit can be a win-win situation for both India and China.

Thus, BRICS is important for India not only from an economic but also from a strategic point of view.