BRICS Current Affairs - 2020

BRICS Culture Ministers’ meeting held in Brazil

Union Minister of State for Culture and Tourism (Independent charge) Prahlad Singh Patel participated in BRICS Culture Ministers’ meeting held in Curitiba, Brazil. At the meet the minister reaffirmed India’s commitment to contribute towards strengthening bonds between member countries.

Key Highlights of Meet

Since, BRICS countries have witnessed cultural cooperation scaling to new heights, thereby India proposed to add literature as another field of cooperation between countries to enhance cooperation in field of literary works.

Minister Prahlad Singh Patel also put forward thoughts on Letter of Intention (LoI) on Creative Economy in BRICS Countries to set a milestone in the BRICS cultural cooperation. He further requested his fellow counterparts to develop a thorough knowledge of creative markets of BRICS member states and encourage mobility of professionals of creative economy in order to stimulate opportunities.

India-BRICS

BRICS is an association of- Brazil, Russia, India, China and South Africa. These are five major emerging national economies.

For India, BRICS is a valuable forum for coordination, consultation and cooperation on contemporary global issues of mutual interest.

Under the aegis of collaborations in various fields well participated by all the member states, the institutions have made commendable efforts to organise a number of events in these fields. One such event is joint exhibition titled ‘Bonding Regions and Imagining Cultural Synergies’ that will be hosted during November-December 2019, by National Gallery of Modern Arts of India under the auspices of BRICS Alliance of Museums and Art Galleries.

 

Global Competitiveness Index, 2019

India ranked 68th in the annual Global Competitiveness Index. It is the worst performing among the BRICS nations along with Brazil that is ranked at 71. The Global Competitive Index is compiled by World Economic Forum. The Forum has mapped 141 countries using 103 indicators.

India had dropped 10 places. A number of similar economies like South Africa, Turkey and Colombia have improved over the past year and have overtaken India.

This year Singapore has replaced US as the world’s most competitive country. The US was positioned at 2nd place and was followed by Hong Kong at third place and Netherlands and Switzerland at 4th and 5th places respectively. China was ranked at 28th position and was the highest ranked among BRICS nations. Vietnam showed higher improvements in the region and was ranked at 67

The report also said that Asia Pacific was the most competitive region globally. It was followed by Europe and North America.

Key findings of the report on India

  • India ranked high in terms of macroeconomic stability and market size.
  • India also ranked high in terms of corporate Governance. India was at 15th place in the category.
  • In terms of market India ranked third.
  • India had positive remarks in terms of renewable regulation.
  • In terms of innovation, India has punched above its development status. It was well ahead of most of the emerging economies that are on par with the advanced economies.
  • Poor health conditions and low Life Expectancy were the shortcomings in the country according to the report. In terms of life expectancy India ranked 109 out of 141 countries. This is one of the shortest as compared to South Asian average.
  • According to the report, India also needs to grow its skill base, market efficiency. Trade openness and worker protection rights according to the report are insufficiently developed.
  • The ratio of female workers to male workers in India was 0.26. It ranked 128th place and was very low as compared certain other developing countries.
  • India ranked 118 in incentivization and 107th place for skills

The US Economy

  • Though US performance as compared to 2018 slowed own, it scored in sub categories like employee skills, venture capital availability and business dynamism pillar
  • The decline of life expectancy in the US was huge. It was lower than China. Singapore ranked first in terms of life expectancy.

Concerns

  • The education system of the world’s largest and most innovative economies failed to keep up the pace of innovation. IT included India, China, Brazil, France and South Korea.
  • Economic stagnation was widespread. This has happened in spite of the central banks injecting more than 10 trillion dollars last year
  • Many of governments and central banks failed to use correct monetary policies to stimulate economic growth