With the 16th BRICS summit underway, Moneycontrol takes a look at the growing heft of the non-western countries grouping. The BRICS that comprises Brazil, Russia, China, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates is meeting in Kazan, Russia, where Prime Minister Narendra Modi is expected to hold bilateral meetings with his counterparts from these nations.
The growing heft
The heft of the BRICS in the world has increased considerably since its first formal meeting in 2009, with the members accounting for a quarter of the global GDP and nearly half of the world population. The group now hosts nine countries, with UAE, Iran, Egypt and Ethiopia formally joining in 2024.
A Moneycontrol analysis of data from the International Monetary Fund shows that the group would account for nearly 30 percent of the global GDP by the end of the decade, representing half of the world. Its share in the global economy in terms of purchasing power parity (PPP) is even higher, accounting for over a third of the global economy.
Further analysis shows that BRICS also dominates global trade, accounting for nearly 20 percent of merchandise exports and 13 percent of service exports.
India's growing clout
While India had a 14 percent share in the bloc in 2010, its share in the bloc’s economy is set to increase to 16.4 percent by 2024. The country accounts for 41 percent of the bloc's population, and its trade share is also on the rise.
From just over a tenth of the total BRICS trade in 2010, India’s exports now account for 14 percent of the its total exports. Inter-bloc trade has also remained unchanged during this period. With India’s exports to BRICS accounting for 8 percent of its total exports to the world.
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