Home Economy BRIC has potential to lead economic growth: PM

BRIC has potential to lead economic growth: PM


New Delhi : Global economic recovery was closely linked to the success of the economies of the four BRIC countries (Brazil, Russia, India and China), Prime Minister Manmohan Singh said Monday before leaving for the Russian city of Yekaterinburg to attend a summit of the grouping.

Stressing that the four countries would play a crucial part in overcoming the ongoing economic slowdown, the prime minister said: “The countries of Brazil, Russia, India and China (BRIC) together account for 40 percent of the world’s population and 40 percent of global GDP. The BRIC grouping has the potential to lead global economic growth.”

“In fact, global economic recovery is closely linked to the success of the BRIC economies. India is among the fastest growing BRIC economies, and we are ready to play our part in coordinating international efforts to overcome the ongoing financial and economic slowdown,” Manmohan Singh said in his departure statement before leaving for Russia to attend the BRIC and Shanghai Cooperation Organization (SCO) summits.

The prime minister’s first overseas visit since his re-election last month will also be marked by his first meeting with Pakistan President Asif Ali Zardari since the 26/11 Mumbai attacks.

Discussing the SCO, he said: “I will also be attending the summit meeting of the Shanghai Cooperation Organization (SCO) for the first time. India has been an observer of the SCO since 2005.”

The decision to attend the summit, he added, was “a reflection of the high regard we have for Russia’s presidency of the SCO, and our desire to intensify our engagement with countries of our extended neighbourhood in central Asia”.

“There are issues which concern both of us, such as the fight against terrorism and extremism and cooperation in areas of energy security, infrastructure development, agriculture, transportation, science and technology and education.”