SBI claims in report, 6 members joining BRICS will have 11 percent share in GDP, Saudi Arabia will be on top

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The six countries going to join the BRICS group of emerging economies from January will account for just 11 per cent of the gross domestic product (GDP). In the report released after an analysis, it has been said that in this also the maximum share of four percent will be from Saudi Arabia. According to an analysis by SBI Research, after the inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in the five-member BRICS (Brazil, Russia, India, China and South Africa), the global GDP The group’s share will increase from the current 26 percent to 30 percent and the group’s share of the global population will reach 46 percent.

India’s GDP share in the group is 12 percent of the current

The extension, effective from January 1, 2024, was announced at the recent BRICS meeting in Johannesburg, South Africa. At present, China’s share in BRICS GDP is 70 per cent, which will come down to 62 per cent on January 1, while India’s GDP share in the group will come down to 12 per cent from the current 13 per cent. Russia’s share in BRICS GDP is eight percent, Brazil’s seven percent and South Africa’s two percent. In total, it accounts for 26 percent of global GDP. According to the report, Russia’s share will come down to seven per cent after the expansion, South Africa’s will come down to one per cent. However, there will be no change in the share of Brazil.

Saudi Arabia’s largest trading partner

Soumya Kanti Ghosh, Chief Economic Advisor, State Bank of India (SBI), said that among these six economies, the UAE has been India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore in FY 2022-23. It is followed by Saudi Arabia (Rs 4,23,834 crore), Egypt (Rs 48,792 crore), Argentina (Rs 39,100 crore), Iran (Rs 18,680 crore) and Ethiopia (Rs 5,154 crore).

These six new countries included in BRICS

Six new countries were included in the BRICS organization. Which includes Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates. South African President Ramaphosa said on the inclusion of new countries, we have decided to invite six new countries to become full members of BRICS. He told, the new member countries will become a part of BRICS from January 1, 2024.

We took important decisions for the expansion of BRICS: PM Modi

Prime Minister on the third day of the BRICS Summit Narendra Modi Said in the media briefing that we have taken an important decision for the expansion of BRICS. Prime Minister Modi said, India has always supported the expansion of BRICS. India has been of the belief that adding new members will strengthen BRICS as an organization. PM Modi said, I am happy that our team has agreed together on the guiding principles, standards, norms, procedures for the expansion of BRICS. I am confident that we will be able to give new momentum to BRICS by working with the new member countries of the grouping. India has very deep and historical relations with all these countries.

The formula of One Earth, One Family, One Future is moving forward: PM Modi

Prime Minister Narendra Modi said, we are trying to move forward with all countries with the motto of One Earth, One Family, One Future. We have also proposed to give permanent membership of G20 to African Union. I am sure that BRICS countries will remain united on this in G20 also and will support our proposal. The African Union is an organization of 55 countries, which includes the countries of the continent of Africa.

Five special suggestions given by PM Modi

Prime Minister Narendra Modi also made five specific suggestions to boost cooperation in a number of areas, including space research, education, skill development, technology, digital public infrastructure and traditional medicine. He mentioned that BRICS is already working on the satellite group. He said that the member countries should think of forming a space exploration group. He said in the meeting, to prepare BRICS for the future, we have to prepare our societies for the future.

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