SBI Report defines India-China strategic partnership to bolster global economy through BRICS+6
livemint.comBRICS countries to reach an understanding with China on the issue of cross-border terrorism, said the State Bank of India (SBI) in a new research report. The report stated that there is a need for India and China to increase cooperation on issues like river water (Brahmaputra) data sharing, entry of Indian pharmaceutical companies into China, etc.
The decision on expansion of the five-nation grouping was announced by South African President Cyril Ramaphosa at the end of the three-day BRICS summit in Johannesburg. With the BRICS deciding to admit six countries as its new members, Prime Minister Narendra Modi on Thursday said admitting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members will give new energy and direction to the grouping.
The new member nations will become part of BRICS with effect from January 1, 2024. "India's sweeping acceptance across eco-political spheres globally, its vibrant democratic stature, its success in dynamically steering the G20 Presidentship, the success of Digital Public Goods at population scale, the innovation led tech prowess of its skilled workforce....
ingrains a distinct advantage over both China and Russia as the undisputed intellectual leader of the block,: said SBI report. China with dwindling exports as also imports losing sheen, and cracks in property markets (Evergrande has lost ~99% of Mcap after trades were resumed after a 17-month hiatus, while debt woes of Country Garden, China's largest developer by sales volume, look like spilling to the wider economy), soaring unemployment rate (believed to be more than double of officially published rates in excess of 21% as youths prefer ‘lying flat’), waning consumption demand warning from gig
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