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BRICS Expansion: India’s 10.5% Growth Quest

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.

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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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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