The 9th BRICS Summit with the theme ‘BRICS: Stronger Partnership for a Brighter Future’ will be held at Xiamen under the leadership of China. Its four objectives are promoting and strengthening solidarity and collaboration and improving global governance amongst members; deepening pragmatic cooperation to achieve mutual benefit; increasing people-topeople exchanges and enhancing public support; and strengthening institutional mechanism and improving cooperation platform.
For India, BRICS is a valued platform to forge global partnerships for development among the key emerging economies. This is especially vital at a time when global forces are shifting rapidly within the context of political, economic, social and technological developments. During its leadership of the BRICS grouping last year, India held meetings on key economic areas across the country to take forward the agenda of Strategy for BRICS Economic Partnership and the BRICS Roadmap for Trade, Economic and Investment Cooperation to 2020.
India today is leading among large economies in its pace of growth, driven by an expanding middle-class consumer, a vibrant and dynamic entrepreneurial cohort, and growing workforce. With 7-8 percent growth expected over the next few years, India’s rising income levels offer new opportunities to the world, including the BRICS economies.
Our growth is boosted by a strong and sustained reform agenda. In recent years, the Government has targeted improvement of the investment climate in a focused manner. The introduction of the landmark Goods and Services Tax (GST) is expected to catalyze the GDP growth rate to a new high by adding efficiencies and competitiveness to the overall economy. Equally, the Government has moved rapidly on ‘ease of doing business’ including at the state level, with all states working to implement single-window, time-bound and transparent administrative processes. Another key area of reform is the policy for foreign direct investments, opening up many new sectors for overseas collaboration.