How Does India Benefit from BRICS?

BRICS is a prominent economic and political force, with India counted among its founding members. India derives significant benefits from its association with this alliance. This article delves into India's advantages as a BRICS nation.

Origin of BRICS
BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Jim O'Neill coined the term BRIC in 2001, which referred to four emerging economies. This group was officially acknowledged during a meeting of BRIC Ministers at the UN General Assembly (UNGA), held in New York in 2006. BRIC convened its inaugural summit in June 2009 in Yekaterinburg, Russia. Later in 2010, BRIC grew from BRIC to BRICS by including South Africa as its new member at the Foreign Minister’s meeting in New York. The aim of creating this group is to enhance the economic influence of its member countries. The BRICS nations have comparable objectives, including the establishment of a fair global financial system. One of India's significant advantages of being a member of the BRICS bloc is the access to economic opportunities it provides.

One of India's significant advantages of being a member of the BRICS bloc is the access to economic opportunities it provides. The BRICS nations collectively contribute a significant slice of the global Gross Domestic Product (GDP), bolstering India's reputation and attractiveness to investors and business prospects. India has secured access to numerous industries and opportunities by being part of the BRICS nations, leading to increased trading activities. Moreover, forex trading between the BRICS nations has also improved along with trading activities.

China, among the BRICS nations, is India's biggest trading partner. These two nations have established a robust trading partnership in recent years, with BRICS serving as a dependable negotiation platform. BRICS member states consistently seek solutions to diminish intra-regional trading obstacles, and India’s ICT, Agriculture, and Pharmaceutical industries have benefitted greatly from this endeavour.

Furthermore, the BRICS nations are committed to advancing technological and scientific cooperation. India has profited from participating in scientific research with other BRICS nations, which has involved collaboration on diverse projects such as ICT, outer space exploration, and healthcare. The notable technological progress in China has provided India with a multitude of avenues for learning, which has fostered innovation and propelled economic growth.