Browsing: India

The BRICS countries bear a profound responsibility amid a shifting global economic axis. They have the extraordinary chance to reshape the world order, bestowing more significant equity and amplified voice upon the realms of the Global South.

A defining moment in the global economic axis awaits as the BRICS Summit 2023 gathers in South Africa. It signals the member countries to seize this opportunity to shape an unprecedented global economic governance system, an inclusive, all-encompassing, and efficient system.

Tanzanite is so rare that it is only found in one place in the entire world, Tanzania and hence its…

The global financial landscape has undergone a remarkable transformation in recent times. Remarkably, the issue of the de-dollarization of international trade is slowly but steadily gathering momentum. A rising trend toward de-dollarization is challenging the longstanding supremacy of the United States in the international financial system. As the dominant global reserve currency, the US dollar remains pivotal in international trade, investment, and financial transactions.

The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South…

China presently has the largest sum of foreign exchange reserves in the world. When its over US$ 3 trillion in reserves is added to the reserves of the other BRICS member states the questions as to why they cannot issue their own currency start to grow louder.

Talks of a common currency fizzled out as more pressing national and international matters eclipsed the idea. This year 2022 has seen renewed calls for a common reserve currency emerge once again. This time Russia is leading the call for the creation of a reserve currency that will be an alternative to the United States dollar as a mechanism for the settlement of international transactions.

Russia’s motive for making such a call is obvious, the country has been at war with Ukraine since February 2022. This aggression against Ukraine has earned Russia some of the most stringent economic sanctions in history. What has been the greatest pain point is that Russia has lost access to at least half of its foreign exchange reserves since the beginning of its war with Ukraine.

His fortune is estimated to be worth a staggering US$148 billion. He is second only to Tesla founder and eccentric billionaire Elon Musk. Very interesting to note is the fact that the rise of Adani into the high stakes of global wealth is also the first time that two of the wealthiest individuals in the world are from countries that comprise the BRICS nations.

Though now a US citizen, Elon Musk has South African heritage, and Adani is an Indian national.

That two of the richest men in the world are from BRICS countries is indicative of the emergence of the bloc. Adani is the first person of Indian descent to occupy the position. Adani is the chairman of the Adani Group, which operates a litany of businesses in coal mining, infrastructure, and thermal power generation. His companies also operate private airports and firms. According to media reports, Adani’s wealth began to surge at the beginning of this year when he was ranked 14th on the Bloomberg Billionaires Index.

In terms of the economic outlook for India, opinions are divided given the headwinds facing the global economy presently, like the cost-push inflation from increases in food prices and soaring energy costs brought on by the Russia-Ukraine conflict. Deloitte, the global consulting and accounting firm, is optimistic about the economic growth prospects of India. It is projected that the Asian country will remain the fastest growing economy in the world, with growth projected to come in at between 7.1% to 7.6% in the years 2022 to 2023 and 6% to 6.7% in the years 2023 to 2024.

How has India managed to bullet-proof its economy to the extent that it has managed to register economic growth within a context of slowing global economic growth? According to Deloitte, India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity.

According to the Reserve Bank of India (RBI) analysis of 10,000 listed companies, businesses have seen a steady net profit-to-sales growth over the past year and are sitting on piles of cash. This fact highlighted by the global accounting firm is a key contrast with African economies, which tend to be driven by factors other than domestic demand. African economies generally suffer from a disproportionate dependence on foreign demand to drive economic growth.

The current large-scale transition of the global economy, principally triggered by the current conflict between Ukraine and Russia as well as the standoff between China and the United States, creates a multipolar world map with new centres of power.

Brazil, Russia, India, China, and South Africa, also known as the BRICS nations, have enhanced industrial and financial might and are pushing for a seat at the global new power axis table. These nations are essential participants in international markets for products, services, and money, having a considerable, sometimes decisive, effect on how the global economy operates.

Japan has announced plans of investing $42 billion in India over the next five years to boost trade and cooperation…

The returned items include the Shiva and his Disciples, Worshipping Shakti and Lord Vishnu and his Forms.

The news portal noted that the artefacts date from as early as the ninth to the tenth century.

The artefacts are primarily made of sandstone, marble, bronze and brass.

According to the publication, the antiques are from various places In India, including Rajasthan, Gujarat, and West Bengal.