BRICS: The Emerging Economies that are Driving Global Growth | UPSC International Relations

BRICs is an acronym that represents the four most populous emerging economies in the world- Brazil, Russia, India, and China. The term was first coined in 2001 by Goldman Sachs, which is a leading global investment banking and securities firm. These economies are believed to be rapidly developing and are expected to surpass the developed economies in terms of economic growth and size 

India, with a population of over 1.4 billion people, is one of the fastest-growing economies globally. India’s membership in BRICs is significant as it is one of the fastest-growing economies globally, with a projected growth rate of over 6% in the coming years.

India’s Economic Growth India’s economy is primarily driven by the services sector, which contributes over 50% of the country’s GDP. The manufacturing industry is also growing, especially in electronics, automobiles, and pharmaceuticals. Agriculture significantly contributes to the Indian economy, employing over 50% of the country’s workforce. 

India’s Economic Challenges Despite significant economic growth, India faces several challenges, such as poverty, unemployment, and inequality. The government has implemented various policies and schemes to address these challenges, such as the Mahatma Gandhi National Rural Employment Guarantee Act(MNREGA) and the Pradhan Mantri Jan Dhan Yojana(PMJDY) 

India’s Role in BRICs India’s membership in BRICs provides it with a platform to engage with other emerging economies and collaborate on various economic and political issues. India has been actively involved in BRIC’s activities, such as the BRICs summits, that provide an opportunity for the leaders of these countries to discuss issues of mutual interest. 

India’s membership in BRICs is significant, as it represents one of the fastest-growing economies globally. While India faces several economic challenges, the government’s policies and schemes aim to address these challenges and promote inclusive growth.

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