Things have changed dramatically for the BRICS bloc since the acronym was first coined in 2001. Over the last two years, it has become a key voice in the geopolitical and global economic sectors. Now, BRICS Creator Jim O’Neill has recently expressed his view on its trajectory, while noting that India is poised to soon be the third-largest global economy and a key alliance member.
In a recent interview with The Economic Times, the economist discussed the growth rate of the country. Specifically, he noted that India is “doing almost exactly what we thought over 20 years ago, and that is in the process of becoming bigger than Japan and Germany” and becoming a global force.
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India Poised to be BRICS Leader? Jim O’Neill Discusses Shifting Power Balance
The last two years have seen the BRICS economic alliance notably increase in prominence. A massive reason for that has been its seeking of increased independence from a Western-dominated economic system. With de-dollarization being the focus, it has sought to increase the use of its own local currencies.
But that recent surge in prominence has overlooked the reality that the bloc has been in existence for more than 20 years. Moreover, it has continued to shift and change throughout that time. Now, the latest shift could be upon us. Indeed, BRICS creator Jim O’Neill has recently said India may well be on its way to being the third-largest global economy and a key BRICS member.
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In a recent interview, O’Neill says India could be on its way to entering the top 3 “in the next five to ten years.” Moreover, he notes that the BRICS country is presented with a key opportunity in the near term.
“This is India’s chance to really demonstrate its ubiquity with some of the natural things in India’s favor.” Specifically, he noted that it is among the younger nations within the bloc. That is not the case for China, one of the key economies in the bloc. Moreover, it should lead to an increased labor force, while they should be able to thrive in a world shifting under a Trump-run America.
Interestingly, India’s relatively low global trade could help them as Trump returns to the White House, O’Neill notes. Tariff plans would not be as big a threat to the nation in the coming years. Meanwhile, the economist notes that Modi and India have been sought out by G7 and BRICS nations. They want India as an ally, and it is due to its strong growth prospects in the coming years.