IndexIntroductionThe relevance of Russia in the BRICSBrazil among the BRICS countriesThe position of India among the BRICS countriesThe areas in which India can improve are as followsThe role of China among the BRICS countriesThe position of the South Africa among the BRICS countriesOpportunitiesConclusionIntroductionThe 2008-2009 crisis has provided fertile ground for the world's emerging economies to cooperate and collaborate to protect themselves from such a scenario. Thus the BRIC (and then the BRICS) was born. However, each country had a fixed schedule to gather. Russia viewed the association as a mechanism to challenge the global governance architecture dominated by the United States and its allies. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay China viewed the association as a key measure to advance its economic and political ambitions. Brazil saw the BRICS as a vehicle through which it could transform itself from a regional power in Latin America to a global power. South Africa, aiming to overcome its apartheid past, saw the association as a way to legitimize its position in the world as the highest leader in Africa. India saw BRICS as a ladder that would allow it to make the leap from geoeconomic “blue collar” workers to the top table of global management. Despite divergent motivations in joining the bandwagon, BRICS countries have consistently been able to find common ground to deliberate despite their differences. The collective weight of BRICS opinion becomes even more significant as BRICS, together, represents over 3.1 billion people, or approximately 41% of the world's population and contributes 25% of global GDP. Recent years have seen an accelerated pace of collaboration between the BRICS. Some recent developments: Establishment of the Contingent Reserve Arrangement (CRA) to provide mutual financial support and as a contribution to the global financial safety net Expansion of trade: The share of BRICs in world exports has increased significantly from the years 1996 to 2008, since 9% to 17%.Establishment of a new Development Bank: In the sixth BRICS summit in Brazil, member countries signed an agreement to create a development bank along the lines of the Asian Development Bank and the World Bank. India attaches great importance to BRICS to promote global economic growth, peace and stability. Cooperation on the economic front is one of the central sectors of Indian politics. But there is still a lot of potential to be explored. Russia's Importance in BRICSRussia, the largest country in the world, borders European and Asian nations and also the Pacific and Arctic seas. Despite the fact that Russia was a superpower during the Cold War, the collapse of the Soviet Union left it financially weaker. It has often been questioned whether Russia should really be part of the BRICS and be seen as an emerging superpower alongside alternative countries that constitute the BRICS. The first formal summit of the BRIC group, held in Yekaterinburg, began on June 16, 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh and Hu Jintao, the individual pioneers of Brazil, Russia, India and China, everything will go . The way the main summit took place in Russia reinforces the importance Russia had in the organization of BRICS. In 2008, during a bilateral meeting between President Medvedev and Lula, a visa exemption agreement was signed allowing Brazilians and Russian visitors to visit each other's countries without the hassle of applying for a visa. Russia is attempting to build comparative competition with other BRICS countries. The economyRussia is 20% smaller than that of Brazil and 20% larger than that of India. Without Russia, BRICS would be more biased towards China. Likewise, Russia's political clout is more notable than its economy would suggest, and this helps make BRICS more suitable. The BRICS countries were initially chosen in light of the examples of rapid development, but nowThe Russian economy is not developing rapidly. It has an apparent GDP of $1,560.7 billion and also the development rate is limited to a terrible 1.1%. Administrative spending is only $414.0 billion while regular spending is $800.574 billion. Despite being a notable exporter of oil and weapons, Russia had tariffs of just $259.3 billion in 2017. This could be a direct result of falling oil costs and unnecessary spending on geopolitics. The uncontrolled level of degradation in the country is another factor that disables the economy. Similarly, Russia does not appear as one of the top five trading partner countries of all BRICS nations, despite the fact that several BRICS nations actually trade with each other. For China, Russia is the ninth largest country complicit in the exchange. For the other three nations not even in the top ten. This suggests that Russia does not have much impact on other BRICS nations. Brazil among the BRICS nations In hosting the World Cup in 2014 and the Olympics in 2016, the Brazilian economy may appear, by all accounts, to be doing well. Once the center of Latin America, Goldman Sachs financial expert Jim O'Neill believed in 2001 that Brazil deserved the now-famous nickname “BRICS,” placing it among the powers of Russia, China, India and South Africa. However, lately, Brazil has seen a decline; GDP development of 0.1% in 2014 is followed by decreases of 3.8% and 3.3% in 2015 and 2016, respectively. The combination of falling commodity prices and adverse government policies is responsible for this flex. Government debts have risen largely due to increased spending on pensions and tax cuts for businesses. The development of public debt was just accelerated by high interest rates, leaving the Brazilian central bank in chaos. Export promotion is a practical possibility for recovery. Although Brazilian exports fell as product costs fell in 2014, the weakening Brazilian peso allowed Brazilian manufacturing to be aggressive. Brazil's ranking of 123rd in the World Bank's Ease of Doing Business Index puts it in a unique position in global markets, particularly in contrast to another monster in Latin America, Mexico, which is ranked 47th place. manufacturing exports, it is unclear whether it will be sufficient to offset other monetary inadequacies. For example, the increase in unemployment from around 6% at the end of 2013 to over 13% in February 2017 ambushed the development of private consumption, which began to noticeably slow down at the end of 2014. Furthermore, the High inflation and credit scaling by Moody's and Fitch have also added to the stagnation of foreign direct investment. In recent times, investors seemed to have regained confidence in the BRICS countries thanks to Brazil's recovery, the stabilization of Russian oil costs, India's initiation of a series of monetary reforms and China's strengthening liquidity. All things considered, the development of emerging economies continued to outpace developed countries, which is the idea behind the new "BRICS" grouping. Since 2015, the first significant divergence in growth rate trends has occurred betweendeveloping countries and developed countries. Not only does this have all the makings of an arrival up to BRICS standards, but it also shows growing investment opportunities compared to developed nations. Despite the extreme circumstances that have recently affected the BRICS countries – and Brazil in particular – it does not create the impression that their long-term development potential has been stifled. With perhaps the special case of an undeniably politicized Russia, large developing economies have the potential to find themselves in an astute position to grasp the prevalence of global financial development early, especially if they continue to pursue organized trade efforts. If O'Neill was right in seeing their long-term development potential, it creates the impression that future events may nevertheless have been a pothole in the BRICS countries' race to the top. India's position among the BRICS nations India's position among the BRICS nations today can be ascertained from the following parameters that distinguish it The highest GDP growth rate - Despite disruptive measures like demonetization and implementation of tax on goods and services, India has had the highest GDP growth rate among the BRICS since 2014. 2017 is the only exception (growth rate 6.72) as the year saw the immediate impact of demonetisation and GST. In the coming times, India is expected to lead the pack with growth rates of 7.37% and 7.8% in 2018 and 2019 respectively. The only other significant competitor is China, with expected growth rates by 6.5% and 6.3% in the same two years. Other BRICS economies typically grow at rates below 2%. This highlights the latent potential the country's economy holds for growth. Large demographic dividend: More than 50% of India's population of 1.3 billion is under 25 years of age and 65% is under 35 years of age. The country's average age is 27.9 years, older than South Africa (27.1) but younger than Brazil (32), China (37.4) and Russia (39.2). But only China has a population comparable to that of India. The working age human capital in India is more than any other country in the world. Hence, if adequately skilled, India's youth can be drivers of sustained economic growth over a long period. Best Destination for Foreign Investment – ​​With a huge domestic demand for goods fueled by the growing aspirations of the middle class which is expected to continue to sustain in times to come, India is a potential market for foreign investors. This is a unique feature of India only. In all other BRICS countries, domestic demand is saturated or declining. The areas where India can improve are as follows. Gender Gap – India's rank in the World Economic Forum's Global Gender Gap report for 2017 was 108 out of 144 major and emerging economies. All other BRICS economies i.e. South Africa (0.756), Russia (0.696), Brazil (0.684) and China (0.669) have better gender gap indices than India (0.669). Female participation in the Indian workforce is also abysmally low at 27%, the lowest among the BRICS countries. Promoting a gender-inclusive workforce is one of the key objectives of NITI Aayog's program of action for 2017-2020. The main reasons for this include the disincentive for women to work as the average household income rises. If India truly wants to tap its potential demographic dividend, policies must encourage female labor force participation. Human Development Index – All other countries i.e. Russia (0.804), Brazil (0.754), China (0.738) and South Africa (0.666) have a higher Human Development Index than India (0.624), ranked 131 on188 countries according to the latest reports from the United Nations Development Programme's Human Development Report released in March 2017. As a composite statistic of per capita income, life expectancy and education, it is often considered a more reliable measure than development of a country. India has a long way to go on this front besides ensuring sustainable economic growth. Environmental Initiatives – The very fact that there are 14 Indian cities among the 15 most polluted cities in the world is proof enough that India needs to focus primarily on respecting the environment. development. This apart, India ranks 177th out of 180 countries in the world in the Environmental Performance Index, needless to say the worst among the BRICS economies. India's recent Paris Convention on Climate Change targets to reduce carbon emissions per unit of GDP by 33-35% below 2005 levels and to generate 40% of installed electricity capacity by 2030 from renewable sources , in addition to increasing forest cover by 5 million hectares with an equivalent improvement in the quality of green cover by 2030, underlines the nation's commitment to the issue. The only other nation with such ambitious goals appears to be China, another BRICS member. China's Role Among BRICS Nations Since its inception, BRICS has seen its members' relations develop and evolve as the geopolitical climate has changed. Today, BRICS is mainly dominated by China, the world's second largest economy. As the country hosts the annual BRICS summit in the east coast city of Xiamen on September 3, an event that will not only be of personal importance to Chinese President Xi Jinping, who was once mayor of the nation to enhance its global stature. Over time, China has been a key factor in achieving cooperation among BRICS members. Each member recently pledged $10 billion to their New Development Bank, which will begin lending next year. It issued a joint roadmap for economic and trade cooperation and formed a $100 billion emergency fund to provide aid to members facing balance of payments problems. The Chinese government went further and asked the remaining BRICS to institutionalize their cooperation and not simply focus on economic and trade cooperation. internal growth. China believes that a stronger bond between BRICS countries would help safeguard the needs of all developing nations. The country is also leading efforts to revamp the global economic framework and pushing for these reforms in the IMF system. This dominant position was further consolidated by the member countries' strong dependence on China. Russia maintains close ties with China due to its constant feud with the West. Almost all of the iron ore and soybeans produced in Brazil are exported to China. China is also South Africa's largest export market, valued at around $12 billion, while the second best market the United States of America operates at $5 billion. Despite such initiatives, the remaining BRICS partners fear that such aid could quickly turn into domination and control. Although India can do without the presence of China since its major trading partners are the United States and the United Arab Emirates, India is substantially dependent on China for its imports. In 2015, imports worth $59 billion arrived in India from China. Bilateral relations have recently soured due to disputes.