BRICS Current Affairs - 2020

Institute for Management Development releases World Competitive Index

The Institute of Management Development recently released the World Competitive Index. India ranked 43rd in the ranking.

Highlights

In 2019, India was at the 43rd ranking. Since 1989, India had ranked 41st in the World Competitiveness Ranking. However, it slipped to 45th rank in 2017 and secured 44th in 2018. The continuous low ranking of India is mainly due to poor infrastructure and insufficient education investment.

According to the ranking, India has improved in long term employment growth, foreign currency reserves, overall productivity, education. On the other hand, India had declined in taxes, real GDP growth, competition legislation, exchange rate stability.

Other Countries

Singapore secured the top position in the ranking system. Denmark was at the second position, followed by Switzerland, Netherlands, Hong Kong.

The ranking is created by the business school based in Singapore and Switzerland.

China slipped from 14th place to 20th and US moved to 10th place. Among the BRICS countries, China topped followed by India, Russia, Brazil and south Africa.

Russia-India-China Trilateral Conference

The External Affairs Minister of India Shri S Jai Shankar is to hold a joint virtual conference with his Russian and Chinese Counterparts on June 22, 2020.

Highlights

The Minister is expected to discuss the recent standoff between Indian and Chinese militaries at the border. The meeting is being convened with the initiative of Russia. The countries will also discuss regional issues and synchronize their views on regional stability.

Background

India and China have been engaged in a bitter stand off along the Line of Actual Control at the eastern Ladakh for more than 5 weeks. The countries are holding diplomatic and military level talks to resolve the dispute.

Russia is expected to expand the discussion on SCO (Shanghai Cooperation Organization), Russia-India-China trilateral forum and BRICS. The leaders are also expected to discuss withdrawal of American troops from Afghanistan.

The meeting of the RIC (Russia India and China) foreign ministers will also include discussions of the connectivity projects in the 7,200 km long INSTC (International North South Transport Corridor).

The INSTC links Afghanistan, Iran and Central Asia with Europe.