BRICS 2024 highlights

The big five nations across the globe, leading in terms of the economic world, in terms of potential growth centers. The nations have taken key important issues to be discussed this time, which would mostly take global growth to a new level in the future.  Considering India’s participation in the summit it was likely that there would be decisions taken economically and politically, to maintain a stable socio-economic relation with its partners.

With the summit, dating back to 2010, significant steps have been taken regarding the development of the nations, gradually helping the developed nations reach their respective targets. With its inception, the establishment of the ‘New Development Bank’ fostered many development projects, which promoted job creation and also better standard of living for the member nations. Many such infrastructure and social schemes have been undertaken by the member nations, which became a lot more fruitful in terms of growth and development.

The meeting held in Kazan, Russia for the chapter of 2024, saw some potential for negotiation and ties to foster growth and development among its member nations. One of the key decisions was the “de-dollarization” of the global economy. This was one of the main points of discussion and saw gold as a potential alternative for maintaining a significant balance in the member nations' central bank reserves. This would potentially help trade with the non-members also potentially helping in fostering better trade with the European and the United States.

This will be a potential in terms of the demand for the United States Dollar for trade, which eases the pressure in terms of trade, invariably helping the exchange reserves in due course of time. This will help in terms of the dependency on the dollar (USD) for catering to the needs for cross-border debt transactions, and external debts.

The move would most likely help in trade, in all kinds of goods, especially drawing more attention to the ‘oil trade’. If the power bloc is able to bring in the major oil-producing nations, it would help in fostering better energy efficiency among the partners. This includes the OPEC nations, which would be the potential target for fulfilling the target.

India’s highlights from the meet

India’s key aim is to pull in more investment into its shores. For this, the nation has focused its attention on China to bring in more investments in terms of infrastructure and technology. This could be a breakthrough for India in terms of job creation and also better lives for our citizens. With renewed talks of bilateral agreements, there is most likely a potential for growth in multiple sectors in our nation. This will include sectors like health, defense, manufacturing, and many potential industries in the coming future.

The discussion of trade of ‘digital public goods’ was also brought into the conversation, and India would potentially lead in terms of innovation and knowledge transfer.

The meeting did show some promise in changing the global economic dynamics by fostering strong ties and assertion of development among its partners.