BRICS Expansion: India’s 10.5% Growth Quest
The recent expansion of the BRICS economic alliance, welcoming six new member countries, has piqued global interest.
With its status as the world’s fastest-growing economy, India aims to achieve a substantial economic growth target of 10.5%. During discussions about India’s fiscal position, Finance Minister Nirmala Sitharaman expressed confidence in this goal.
This alliance expansion has brought forth numerous opportunities for the longstanding five BRICS members, and India is well-positioned to capitalize on them. Ahead of its formal entry in 2024, India has already engaged in discussions with the UAE and Saudi Arabia, signaling the potential for fruitful partnerships.
The BRICS alliance underwent a significant transformation during its recent annual summit, extending invitations to new members, including Saudi Arabia, the UAE, Egypt, Ethiopia, Argentina, and Iran. These additions are expected to contribute to the alliance’s ongoing economic growth.
As an original BRICS member, India remains resolute in its commitment to achieving the 10.5% economic growth target. Its Finance Minister remains optimistic, citing positive economic indicators.
Furthermore, India’s consistent efforts to de-dollarize transactions, such as conducting oil trade with the UAE in the Indian rupee, are poised to foster economic growth and stability.