BRICS: Significance and Challenges for India
The evolution of BRICS underscores its significance in shaping global economic and political dynamics. Despite challenges like geopolitical tensions and overlapping mandates, BRICS continues to drive cooperation, trade, and strategic initiatives among its member nations.
Why BRICS is important for India?
- Boost to Exports and Investments: BRICS enhances India's trade with member countries, increasing exports and attracting investments. In 2023, India's trade with BRICS countries, especially China and Russia, grew significantly.
- New Development Bank (NDB): The NDB supports India's infrastructure and sustainable development projects, approving a $500 million loan in 2022 for road construction and renewable energy.
- Counterbalancing Western Dominance: BRICS counterbalances ....
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