BRICS 2016

The 2016 summit of BRICS was the 8th yearly BRICS summit, it was a global relationships meeting attended by the leaders of the country or leaders of the government of the five countries or the member countries which are India, China, Russia, Brazil, and South Africa. The BRICS summit was started on the 15th to 16th of October in the year 2016 at the hotel named Taj Exotica in India, Goa, Benaulim. In July year 2015, in the middle of the 7th BRICS summit, a statement was proclaimed that the Republic of India will conduct the 8th summit of BRICS in the year 2016. In March 2016, Goa was declared the location of the conference.

Five Major Emerging National Economies

Five major emerging national economies are Brazil, Russia, India, China, and South Africa. In the year 2009, the heads of the countries Brazil, Russia, India and China designed a summit for creating “BRIC,” an organization formed in the direction to improve political relations and trade among the major emerging marketplaces. South Africa merged with the “BRIC” team in 2010, hence, renaming it “BRICS.”

1. Brazil

Brazil, being one of the five major emerging national economies, had an economic condition on a comparative basis raised rapidly through the initial 2010s at the frequency of 7.5%. Owing to political volatility and trade authorizations, though, the development rate reduced and converted to negative in 2016 (-3.5%). Country Brazil also experienced significant improvements in revenue stages and poverty drop beginning 2003-to 2014, but fluctuations have been lethargic since 2015 owing to inferior economic movement. 

2. Russia

Driven chiefly by oil exportations and an increase in oil charges, Russia faced exponential development in its Gross Domestic Product during the phase 1999-to 2008 (beforehand the Global Monetary Crisis). The evolution from communism to capitalism has remained taking position since the year 1991 and has improved economic development in Russia through economic transformations and an exportation-oriented business policy. These are some of the key points of Russia being one of the five major emerging national economies. 

3. India

India recognized itself as one of the five major emerging national economies, post- business liberalization, and the other main economic improvements in 1991. The Country’s economy has remained growing gradually at a comparatively high percentage. It came to be an average of 7.1% in the historical period, with some variations due to party-political unsteadiness and economic transformations. 

4. China

The Chinese economic condition has dispatched a normal growth percentage of 10% since after the performance of exchange liberalization and the economic modifications in 1978. The country’s economic development has been pushed by administration spending, the extension of its industrial sector, and exportations (especially electronic gear).  

5. South Africa

South Africa was welcomed into the five major emerging national economies of BRICS in 2010, after facing negative Gross Domestic Product growth in 2009 after the 2008 Worldwide Monetary Crisis (-3%). Next to the financial disaster, the government of South Africa imposed several rules for the improvement of Gross Domestic Product through administration spending and consumption. The economic development improved in 2010-12 before decelerating down in 2012-16 and growing over in 2017.

Conclusion

There were 16 deals signed between India and Russia in BRICS 2016 which brings us to our conclusion that Prime Minister Modi agreed that both countries should remain to increase and expand and develop their engagements. Russia and India also decided to establish a Technology and Science Commission. Modi said, “We remain to increase, expand & develop economic engagement. Trade, Industry among our nations is associated more intensely currently.” Mentioning the matter of violence Modi stated, “Russia’s strong opinion on the essential to combat violence mirrors our commitment.”  Modi further added, “I am conscious of your (Leader Putin’s) deep love for our country India, we have a privileged and exclusive relationship”