Period of immense opportunities for Global South
–: R Muthu Kumar :-
India’s rapidly growing economy adds significant economic heft to the BRICS group, enhancing its collective financial strength and potential. And understanting this, India navigates a nuanced path in the context of global competition with China and Russia within the Global South. While recognising China’s economic prowess and Russia’s strategic significance, India positions itself as a vibrant democracy, burgeoning economic powerhouse, and key player in fostering South-South cooperation.
Leveraging its cultural diversity, technological advancements, and entrepreneurial potential, India aims to consolidate its role as a responsible global player, championing inclusive development, innovation, and sustainable growth in partnership with other emerging economies.
The transition towards a new economic architecture, characterised by de-dollarisation and diversification of global financial frameworks, presents immense opportunities and challenges for the Global South.
The concept of de-dollarisation signifies a shift towards financial independence, stability, and resilience, aiming to reduce dependency on traditional monetary systems and mitigate economic vulnerabilities.
The Global South is gearing to harness its collective strengths, promote financial inclusivity, and shape a more equitable and sustainable economic order, fostering inclusive growth and mutual prosperity.
In a world dominated by the economic power of the USA, the BRIC bloc is a vital elemeent in the global trade axis. The BRICS nations collectively represent approximately 26 per cent of the global landmass and around 42 per cent of the worldwide population.
As the BRICS membership grows, so will its impact on the global economy in 2024 and the coming years. One of the most evident effects of BRICS’ impact expansion is the gradual weakening of the US dollar and its replacement in global trade settlements. Other effects expected in the near future are the increasing food security in the BRICS territories, replacement of Visa and Mastercard payment providers, and gradual refusal from SWIFT and CHIPS in international payments. Therefore, BRICS has a considerable effect on global economic affairs and conducts an active transformation of the global economic landscape by undermining the set Western order.
Russia’s 2024 BRICS Chairmanship began on Monday, January 1 and on that occasion Russian President Vladimir Putin said the motto is “Strengthening Multilateralism for Equitable Global Development and Security”.
Naturally every nation will focus on enhancing foreign policy coordination among the member countries and on jointly seeking effective responses to the challenges and threats to international and regional security and stability.
But at this crucial juncture in our history, this is what will be the prescription for peace to prevail, if not immediately but in the immediate near future.
