As the third and last part of our Chevening BRICS conversation, I am delighted to share a piece by Mr Tarun Singhal, currently Director Enterprise, Business and Strategic Alliance and Partnerships at Steria and who was in the Chevening Advanced Management Programme for Young Indian IT Professionals in 2000-2001 at the Manchester Business School. The question asked to our Indian network was “What does the future of BRICS look like to you – is it Hype or Hope”?
Here is Tarun’s response**:
As I see, it’s definitely the hope and for the beacons:
With a combined nominal GDP of $16 trillion (20% of global GDP) and more than $ 24 trillion (30% of global GDP) in terms of Purchasing Power Parity (PPP), and with combined exports more than $3 trillion in 2012, a population which is around 42% of the global population, a combined military might which is not just formidable but even at par with that of US, and the massive regional clout that each of the BRICS member has, today BRICS is a force to reckon with and is perhaps the future.
The BRICS Bank’s president would be from India for the first six years. The bank would have a capital of $100 billion out of which $50 billion would be contributed by the five founding members, namely Brazil, Russia, India, China and South Africa while the remaining $50 billion would be contributed by the new members who are expected to join in due course. This is very welcoming news for India.
I personally believe that BRICS are an important force for incremental change and reform of the current ecosystem toward more representative and equitable governance, capable of generating more inclusive global growth and fostering a stable, peaceful and prosperous world.
**Please note that these opinions do not reflect those of the UK Government.