BRICS needs to focus on infrastructure and ease of doing business

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BRICS economies should work towards seizing the opportunities that might emerge amid the crisis by planning for and working towards a bright post-pandemic future according to a study by member central banks published by the Reserve Bank of India.

Key points of the study:

  • There has been a difference in the pace of development among the BRICS countries.
  • China has made a speedy recovery due to its ability to control epidemic infections. While India and Brazil are picking up the pace of economic growth.
  • Russia and South Africa are yet to achieve their pre-pandemic levels of economic activity.
  • The BRICS economies had displayed a strong position of their foreign exchange reserves during the pandemic, especially in the second half of 2020.
  • The balance of payments position of BRICS countries appears to be flexible depending on the strength of currencies, trend of external debt commitments and position of reserves.
  • The study has highlighted the uncertainty arising out of COVID-19, impact of global financial conditions and continuing economic and structural changes arising out of the crisis as factors of concern in BRICS countries.
  • The study highlighted the uncertainty arising out of COVID-19, the impact of global financial conditions and the continuing economic and structural changes arising out of the crisis as “factors of concern in BRICS countries”.
  • Focus on infrastructure development, ease of doing business, skill development and job creation and increasing the speed and efficacy of vaccination

About BRICS countries:

BRICS is an informal grouping of countries. This includes Brazil, Russia, India, China and South Africa.

BRICS countries include:

  • 41 percent of the world’s population.
  • 24 percent of the world’s GDP.
  • More than 16% share in world trade.

BRICS countries discussed important issues under three pillars –

  • Politics and security,
  • Economic and financial
  • Cultural and people-to-people exchange.

Two important institutes of BRICS:

  • New Development Bank – for implementing infrastructure and renewable energy projects in BRICS countries
  • The BRICS Contingent Reserve Arrangement(CRA)  A financial stability mechanism for countries affected by a crisis in their balance of payments.

Source – The Hindu

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