BRICS: "BRICS: A Global Economic Powerhouse , "Opportunities or Challenges for India
What is BRICS ?
BRICS is the most powerful economic organization of Asia. It was founded in 2006 by Russia, India, China, Brazil. In 2010, South Africa also became its member. In 2024, Egypt, UAE, Ethiopia, and Iran became its members. It has no permanent headquarters. Its presidency keeps changing. Wherever the meeting of this organization is held, that country becomes its president. Their number is 9.
Benefits of BRICS
All the member countries will get economic, political and diplomatic benefits from the formation of BRICS organization.
Economic benefits
All the member countries will get many economic benefits from the formation of BRICS organization. Trade between all the countries will increase and the path of new investment will be paved. All the member countries have also created a NDP (New Development Bank) which will be equivalent to the World Bank in the coming time. All the member countries will get cheap loans from it. All the countries are trading in dollars. This will reduce dependence on the dollar.
Diplomatic and political benefits
All the member countries of this organization will also get many diplomatic and political benefits which will have an impact on the global scenario in the coming time. This is an alliance challenging the supremacy of America and European countries. This gives India an opportunity to pursue its foreign policy independently. BRICS also demands reforms in the United Nations. Due to which India can get support to get permanent membership in the United Nations.
Weaknesses and challenges of BRICS
BRICS has a total of 9 member countries. There are some or the other differences among them. For example, there is a border dispute between India and China, and conflicts keep happening from time to time. China and Russia are inclined against America. Whereas America and India have very good relations. India wants to maintain balance with everyone. In the coming days, Saudi Arabia can also become a member of this organization. With the entry of Saudi Arabia, there will be more differences in this organization. The relationship between Iran and Saudi Arabia is already not normal. Apart from this, the economic model of all these countries is different. China believes in communist ideology, whereas Brazil and India are countries that believe in democratic ideology. Apart from this, there is a lot of disparity between the NDB Bank and the World Bank, its process of taking loans is very complex. China's economy is the largest in BRICS, so China has the most influence in it.
India and BRICS
India is the country with the largest economic economy after ancient BRICS. There are some advantages as well as disadvantages of this organization for India. This organization is a platform for India to establish its strong presence in Asia. This organization also advocates reforms in the United Nations. India can benefit from this as a permanent member in the future. This organization also helps India maintain a balance between America and Europe and their opposing countries. India also has many disadvantages from this organization. Western countries consider this organization as an organization that challenges their dominance. The main country of this organization is China, which keeps creating border disputes with India every day. India has to be cautious of China. Apart from this, China also wants to include Pakistan in this organization. This will prove to be very fatal for India.
Conclusion
BRICS is an important political and economic platform for India. This organization provides an important opportunity to reduce dependence on the dollar, increase trade, and improve global governance among all member countries. But due to internal differences on the purse of India and China, this organization also has many weaknesses and challenges. India will have to strengthen its position in this organization. So that India can take full advantage of the cooperation of the three countries in the coming time.
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