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Title
EEE

26 %
SIMILARITY INDEX
12 %
ACADEMIC
17 %
INTERNET
Date: 2022-01-24 16:27:21(+00:00 UTC)
Report ID: 61eed37297ef44395
Word count: 3490
Character count: 19764
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 1/11

Jaipuria Institute of
Management,
Vineet Khand, Gomti Nagar
Lucknow – 226010

Academic Year 2021-22

Batch 2021-23
Trimester 2
Programme PGDM
(PGDM / PGDM-FS / PGDM-RM)
Name of Course EEE
Section A
Name of Faculty Professor Mafruza Sultana

Nature of Submission Assignment

(Assignment / Project Report)
Topic of Assignment / Project BRICS: Implications for India

Deadline for Submission 24 Jan 2022 - 23:59

Group/ Learning Team Number LT A-10
Maximum Marks Allotted

57%
Contribution of Group/LT members in the Assignment/Project

Sl. Name & Enrollment Contribution Signature

No. Number of Student

1 Saif Ahmad- Impact of FDI in India and

JL21PG122 Acknowledgment

2 Shriyanshi Impact of FDI in India

Prajapati-

JL21PG152
 2/11

3 Preeti Singh Political and strategic aspect

Yadav- JL21PG107

4 Shailesh Yadav- Impact on business and economic

JL21PG135 environment

5 Ram Tiwari- Introduction and Conclusion

JL21PG113

Contents: Page NO.

Acknowledgement 2

Introduction of Emerging 3
economies
Political and strategic aspect 4

Impact on India’s external 5

trade
6
Impact of FDI in India
Impact on business and 7
economic environment
Conclusion 8

Acknowledgement

We are delighted as students of this institute that we got an opportunity of innovating

in the design thinking class. This planned course was executed and taught by our
teacher Professor
56%
Mafruza Sultana for which we are grateful to have been under her
guidance. We would like to express our sincere thanks to all the helping hands who
have guided us in the completion of this project. It was a wonderful learning
experience for us to work as a team on our project and bring out this report. We as a
 3/11

team worked up on the project with strong determination and tried to put in the best
of our efforts to be creative in our approach.

We acknowledge our sincere thanks to our parents, mentors, participants, and friends
for their guidance, cooperation, and enthusiastic support in this project.

We express our gratitude to our teammates at the college for their valuable
recommendations and helpful opinions during the writing of this project report.

-LT A-10

Emerging economy
The economy in the growing market is the one that is in the process of transforming it into
the economy of a developed country. Emerging countries often have consolidated funds, a
stock market, a defense system and are in the process of industrial development. Emerging
markets may offer higher returns to investors with faster growth, but their status may expose
them to certain natural risks.

What is BRICS?
81% 65%
 BRICS is a summary of Brazil, Russia, India, China and South Africa. Jim O'Neill, an
economist
57%
at Goldman Sachs, coined the term BRIC (outside of South Africa) in
2001, stating that by 2050 the BRIC economies would have dominate d the global
economy.
52%
South Africa was listed in 2010.
 The BRICS started in 2001 as BRICS, an acronym coined by Goldman Sachs of
Brazil, Russia, India, and China. South Africa was added in 2010.
 The vision of this character is that the international economy will co-operate with the
growth
62%
of the world by 2050.
 The BRICS countries have provided a source of international expansion to firms and a
strong return on institutional investors.
 The group was in deep trouble in 2015, when Goldman closed the BRICS-focused
investment fund.

BRICS STATISTICS

72%
 The
59%
BRICS country accounts for 30% of the global industry.
 Brics
76%
makes up more than 20% of World Trade
 They
55%
are home to 45% of the world's population
 Which country has tripled its global GDP share over the past 15 years
 The combined bricks stored outside are estimated at more than US $ 4 trillion
 4/11

55%
 The BRICS share of Global output will increase from 18% in terms of market
exchange rate to 25% over the next 10 years and reach one-third of the 2030 discount.
 In terms of GDP about 35% of global GDP currently by 2030 will be 45%
 Some analysts predict that BRICS may be as large as Group of Seven as the United
States of America, Japan, Germany, France, Canada and Italy by 2027.
72%
 The contribution to global economic growth o ver the past decade has been significant.
50% which makes this state party the leading power in the global economy
Progress.
55%
Between 2000 and 2026, the population of the BRICS countries is expected to grow by 625
million.
The BRICS has a GDP of more than 23.5 trillion US dollars by 2021, slightly higher than the
United States.
57% 60%
The 13th BRICS Summit of 2021 will be held digitally under the chairmanship of India. The
group, which includes Brazil, Russia, India, China and South Africa, is led by a rotation
system. India holds the seat in 2012 and 2016 again.
Global Economic Order: -

 Towards this purpose, the BRICS nation's plays a vital role in the G20, defining world ec
onomic policy and maintaining monetary sustainability.
• As a result, the BRICS organization plays a very important role in the G20, influencing
worldwide economic policy and maintaining financial health.
Voice of Developing Nations: -
• As Developed nations raise concerns about topics ranging from the World Trade
Organization to climate change, emerging economies are being hampered by these
regulations.
• In recent era, BRICS has emerged as the voice of developing nations, or the global south
and playing a vital role in preserving the rights of poor countries.
• The BRICS nations all shared the goal of changing the global fiscal and monetary system,
as well as a significant desire to create equitable balanced global system.

Political and Security: -

To enhance cooperation and dialogue on issues of global and regional security, developments
in the global political space for peace, security, and prosperity.
Our priorities under this pillar are: -

 Reform of the Multilateral System

 Counter Terrorism Cooperation
Geo-Politics: -
Today's global politics reflects a tug - of - war, and India is stuck in the middle of it. This has
 5/11

made it more difficult for India to find the right balance between its core interests as well as t
hose of United States and the Russia-China alliance.
Terrorism: BRICS also offers a platform
51%
for India to mobilize its operations against terrorism,
and the grouping has cooperated to take a firm stance against terrorism and have focused
discussions on key topics of terrorist activity.
Global Grouping: -
73%
• India is working hard to become a member of the United Nations Security Council (UNSC)
and the Nuclear Suppliers Group (NSG).
China is a key impediment to achieving such aims. As a result, BRICS provides a platform fo
r active engagement with China and the resolution of mutual problems.

69%
 The progress accomplished under the pillar of economic and financial cooperation in s
trengthening our capacity to achieve our Sustainable Development Goals, particularly
in light of the pandemic's challenges.
 In this context,
74%
emphasise the significance of the relevant Ministerial tracks and Work
ing Groups continuing to implement the Strategy for BRICS Economic Partnership 20
25.
100%
 We recognize that the macroeconomic stability of the BRICS economies will play a
major
69%
role in achieving global recovery and stability.
 Our Finance Ministers and Central Bank Governors have signed the BRICS 80%
Agreement on Global Economic Outlook and Response to the COVID- 19 Crisis. We
appreciate the exchange of governing experience by BRICS countries on their
domestic economic response to the pandemic as we continue working to deepen our
partnership in the post-pandemic world to accomplish robust, sustainable, balanced,
and inclusive economic growth.

 We praise the achievements of the BRICS Customs Heads Meeting, and we

encourage BRICS Customs to coordinate even more in domains 72%
including cooperative
enforcement, building capacity, and administrative help. We applaud the signing of
the BRICS Agreement
57%
on Customs Cooperation and Mutual Administrative
Assistance, and we support the conducting of a Customs training session at the
BRICS Customs Development Centre in India, and also combined BRICS 100%
Immigration investigative activities in mutually acceptable regions.53. We recognize
the importance of strengthening infrastructure and information- sharing to better
identify investment opportunities, leverage private sector investments and meet
infrastructure investment needs of BRICS countries
 In this aspect, we applaud
60%
the BRICS Taskforce on PPP and Infrastructure's
"Technical Report on Social Infrastructure Financing and Use of Digital
66%
Technologies" as a collective approach to exchange information. We look forward
more to resuming professional interactions on infrastructure investment projects with
the NDB and the BRICS
59%
Task Force on PPP and Infrastructure on the Integrated
Digital Platform, and we advocate for increased efforts in this area.
 6/11

72%
 We agree with The statement on Multilateral Trading System Cooperation, the
Structure for Cooperation in Trade in Professional64%Services, the Framework for
Ensuring Consumer Protection in E- Commerce, and the Declaration on Cooperation
for the Safeguard of Genetic Resources, Traditional Knowledge, and Traditional
Cultural Expressions, as well as the Joint Exchange of information in the Trade
Ministers'
98%
Meeting.
 We welcome the adoption of the Implementation Roadmap on Trade and Investment
aspects of the Strategy for BRICS. 58%
 2025 is the year of the Economic Partnership. We emphasize the need of continuing
our cooperative efforts
51%
to create a conducive climate for growing t rade, particularly
value- added trade, among the BRICS nations while also addressing the epidemic and
its
100%
implications.
 We
84%
welcome the outcomes of the MSME Roundtable, which has helped enhance us
 cooperation
100%
in development of MSMEs to integrate them to global value chains.
 We also welcome the work being carried out by our Finance Ministries and Central
Banks
100%
on the
 preparation of a survey on Fintech applications in MSMEs and a Report on ‘Digital
Financial
100%
Inclusion’ respectively.
 We appreciate the NDB’s substantive progress in membership expansion despite
 challenges
57%
emanating from the COVID-19 pandemic.
 We reaffirm that the process of membership growth should85%
be progressive and
balanced in terms of regional representation, as well as supportive of the N DB's aims
of achieving the best possible credit rating and institutional development.

53%
 We welcome the deliberations that took place76% at the New Development Bank's
Annual Meeting of the Board of Governors, and we look forward to all the Bank's
second General Strategy, which also will cover the years 2022-2026.
 We appreciate the New Development
63%
Bank's critical role in tackling the pandemic's
health and economic effects, and we encourage the NDB to consider funding more
social infrastructure projects, especially those that employ digital technology.
68%
 We further urge the Bank 57%
to expand its role in mobilizing and catalyzing private
resources, as well as to engage in additional co- financing initiatives with other MDBs
and
71%
Development Financial Institutions (DFIs).
 We anticipate the Bank's permanent relocation to Shanghai and the opening of the
NDB's regional office in India in 2021.
55%
 We understand how critical it is to enhance the Contingent Reserve Arrangement
(CRA) system.
 In addition, we applaud the successful conclusion of the fourth CRA test run and
encourage efforts to enhance the CRA-IMF cooperation mechanism.
81% 79%
 As part of our efforts to strengthen CRA's analytical and research capabilities, we
welcome the first collaborative study of our67%
central banks on the impact of COVID19
on BRICS nations' balance of payments, as well as the publishing of the BRICS
Economic Bulletin 2021.
 7/11

57%
 Through communication and discussion, we appreciate the successful cooperation
underneath
56%
the BRICS Payment Task Force (BPTF).
 We are satisfied with the progress made in the 'BRICS Local Currency Bond Fund'
programme and anticipate its launch.

74%
 We suggest the BRICS Rapid Data Security Channel's 'e - Booklet on Information
Security Regulations in Finance'
59%
and the 'Compendium on BRICS Best Practices in
Information Security Risks: Supervision and Management' as complete papers of
regulations
100%
and best practices (BRISC).
 We welcome the continuing work of Inter- Bank Cooperation Mechanism (IMC) to
implement the Memorandum of BRICS DFIs Principles for Responsible Financing.

99%
 Recognizing the important role of fair competition in supporting business
development, protecting consumers’ interests, and100%
promoting post- pandemic
economic recovery and growth in difficult times, we will continue to deepen practical
cooperation in the field of competition.
64%
 We are in favor of the BRICS International Competition Conference, which will take
place
67%
in China in November 2021 and India in November 2023.
 We emphasize the importance of continuing to 59%
advance the Working Mechanism on
Technical Regulations, Standards, Metrology, and Conformity Assessment
Procedures for collaboration among some of the BRICS nations to promote trade.

IMPACT ON INDIA’S EXTERNAL TRADE

To participate more actively in economic operations with its BRICS competitors, India must
focus on enhancing its export profile. China's commercial dominance within the BRICS is
another challenge for India, as it creates a barrier for any chances that may arise. While
difficulties to India's intra-BRICS trade 52%
continue, it's worth remembering that the bloc has
only been in existence for a short time. There is a lot that can be done to improve India's trade
with the BRICS countries.

 To increase India's share in intra-BRICS trade, a multi-pronged approach based on

identifying India's vulnerabilities and untapped potential will be required. First and
foremost, India must address its growing trade imbalance by concentrating on its
export potential to the other BRICS countries. India should concentrate its
manufacturing capabilities to improve the export of such commodities by selecting
export items that might cater to the demands of its BRICS peers. Increased
manufacture of electronics, which has persistently bloated India's import
expenditures, would be a significant step in this direction.
51%
 Another way to boost trade is to take ad vantage of possible collaborations like the
IBSA (India, Brazil and South Africa). Without China, the trilateral IBSA cooperation
 8/11

provides India with a unique56%

chance to develop strong commercial partnerships with
Brazil and South Africa. India has a Preferential Trade Agreement (PTA) with
MERCOSUR, a Latin American trade group that includes Brazil. By leveraging these
connections, India may significantly increase its exports among the BRICS without
relying on China's hegemony. Apart from adopting multilateral and trilateral trade
procedures, bilateral trade contacts are an essential aspect in India's overall trade.
Offering bilateral partners favorable and advantageous trade terms might significantly
boost India's intra-BRICS trade.
 Once policy and infrastructure obstacles have been recognized and addressed, India's
59%
trade with its BRICS rivals can significantly improve. On the Ease of Doing Business
index, India presently ranks 136th for Starting a Business. The low ranking indicates
that there are policy gaps that make launching a business in India difficult. While
India has taken strides to make the process of founding a business more
straightforward, there is still a long way to go. The majority of the changes are
focused on Delhi and Mumbai, but India may use its various states' economic
potential to boost trade with the BRICS countries.
 Intra-BRICS commerce with India might be improved by policy reforms that simplify
and improve the efficiency of administrative procedures to enable bilateral trade and
investment. Improving the transparency of the trade and investment climate, as well
as developing national legislation that conforms
56%
to international standards, would help
to attract foreign direct investment (FDI), which is a vital step toward diversifying
production and exports. With the correct legislative frameworks and infrastructure in
place,
52%
India may be able to fully leverage the trade potential of the BRICS economies,
as anticipated by the Goldman Sachs papers cited before.

Impact of FDI in India:

66%
The BRICS group comprises of Brazil, Russia, India, China and South Africa are one of the best
emerging economies of the world.
59%
In the present economic scenario there is a competition worldwide there is a completion between the
host countries of this assoc iation to attract larger volumes of FDI.
57%
The BRICS countries offer foreign investors a pool of resources such as young labor force, natural
resources, cheap labor force and big markets where the products can be finally consumed.
53%
As per the research data it is found that FDI has overall positive impact on economic development of
the host country. It is being observed that all the members of the BRICS countries have large inflows
of FDI and have reached around 20% of the world share of FDI in the year 2012.The BRICS countries
have increased the share of global GDP by three in the past 15 years.

As India is an emerging market it has shown a rapid growth in excess of 6% to 7% as compared to

developed market well establish levels of 2%-3% of developed economies like USA and Germany.

The key factors of India’s Growth:

 9/11

India has a rapid growing working age53%

population which will benefit from the inflows of FDI and
other factors
53% like rising education, engineering skill levels will help the growth of manufacturing
sector. The rising middle class of India will implement a sustained growth of consumer market.

The Implications of FDI in India are:

 The rise of massive consumer market: India has large and healthy middle class making it
favorable for the sustainment of consumer markets in India.
 The inflows of FDI has made India a powerhouse when it comes to technology innovation.
The Digital India campaign in India has made a major force behind United States and China.
 The government50%has eased trade and FDI restrictions due to which the Ease of doing business
has increased. The business environment has increased due to foreign investors investing
Indian
52%
equity market.
 The increased inve stment from foreign investors has made India more stable in terms of
economic environment.
 The rise of Online and E-commerce platforms has replaced the brick and mortar shops and
due to the pandemic remote work has increased in the country.
 The inflows of FDI has given rise to demand supply chains and due to globalization
companies now focus on improving the technology driven supply chain management.
 The inflows of FDI has ultimately increased the efficiency of every sector in India.

Impact on business and economic environment in India

66% 53%
BRICS countries together contribute 42% of the world’s population, approx. 33% of the
world’s GDP and 17% share of the world trade. Ever since the globalization has begun,
BRICS countries have shown significant growth especially China, India and Brazil, this
growth reflects in their GDP.
Formation of this group was impossible given
78%
the distance between these nations but in 2001
Jim O’Neal combined the counties Brazil, Russia, India, China, South Africa and termed as
BRICS. BRICS was formed to assist country members tackle various problems i.e. financial,
terrorism, political, welfare etc.
The group was not active until 2011, when south Africa was added to the group and yearly
summit started to take place, now the picture is in front us. The countries may vary on
different aspects but are bound by this group to co-operate with each other to tackle the
problems and benefit each other towards the growth.
Following are the institutions that are formed by BRICS for the development of the nations:
50%
New Development Bank: The BRICS nations signed an agreement in 2014 at BRICS
Summit that was held in Brazil to establish New Development Bank

 Fortaleza Declaration: Fortaleza declaration emphasized that BRICS nations will

cooperate with each other in financial terms through NDB for the development of the
grouped nations.
 Since its formation NDB has been one of the promising multilateral institutions, it has
approved 42 projects by now worth $11 billion.
 In 2020 India was sanctioned a loan with NDB worth $1 billion to support
MGNREGS and rural infrastructures.
 10/11

57%
Contingency Reserve Arrangement: BRICS nations signed a MoU in 2014 Contingency
Reserve Arrangement (CRA) as part of Fortaleza Declaration.

 It helps nations to ensure liquidity when the members nations face low balance or
payment of an organization in short period of time.
 Under CRA $100 Billion are promised to members during any crisis they face.
Global Economic Order- BRICS nations have shared common objective of having one
organization to build financial and monetary system, with this system BRICS nation want more
balanced world.
India and BRICS- India’s role at BRICS is significant more particularly in institution building,
earlier in 2012 India suggested to set-up a bank for all the members of the nation and New
Development Bank was set up which proved to be crucial for all the nation.
Back in 2015 India proposed to set up BRICS agriculture center then the coordination center
for the research was set up at NASC, New Delhi in 2017.
Conclusion
72%
The BRICS has done well in its first decade to identify areas of interest and create forums to
address these issues.
Gaining Multilateralism:
52%
The
62%
first is to follow the changes in the institutions from the United Nations, the World Bank
and the International Fund to the World Trade Organization and now even the World Health
Organization.
Anti-terrorism solution:
Terrorism is a global phenomenon affecting Europe, Africa, Asia and other parts of the
world. The tragic events surrounding Afghanistan have helped to focus more on this all-
encompassing theme, emphasizing the need to close the gap between speaking and acting.
66%
Developing Technological and Digital Solutions for Sustainable Development Goals (SDGs).
Digital tools have helped the world hit hard by the epidemic, and India has been at the
forefront of using new technological tools to improve governance.
Increasing People-to-People Partnerships:
However, improving
51%
co-operation between people will have to wait for international travel to
be revived. Digital collaboration is not the perfect place for personal meetings.

Global Model of Governance:

In the midst of the global economic downturn, trade wars and defense, the BRICS 'biggest
challenge involves the development of a new global system that should not only divide but
integrate and build.
Heterogeneity:
 11/11

Critics have claimed that the diversity (diversity / diversity of countries) of the BRICS
nations and their various interests threaten the functioning of the group.
General View of the World:
51%
The BRICs have called for the transformation of international institutions to reflect structural
changes in the global economy and a growing important role for emerging markets.
Development Partnerships:
Create a similar perspective on many global and regional problems; established the New
Development Bank (NDB); created a net of financial stability through Emergency Planning;
and is on the verge of establishing a Center for Policy Research and Visual Development.
International Commitment:
The BRICS countries must redefine their approach and recommit themselves to establishing a
code of conduct. The BRICS must also reaffirm its commitment to a multinational world that
allows for independent equality and democratic decision- making.