The BRICS alliance will reportedly continue its growth in 2024, with more alliances joining the bloc. As BRICS seeks more growth, India’s GDP is also looking to continue its rise, projected to grow as much as 30%.
Amitabh Kant said at the CII Annual Business Summit 2024 that India is expected to account for 30% of global gross domestic product between 2035 and 2040. India’s GDP grew by 8.4% in the past three quarters. Previous BRICS GDP forecasts predicted India to have a GDP of $5 trillion in 2025. Currently, their GDP sits at $3.417 trillion.
The United Nations recently revised its forecast of India’s economic growth in 2024. The UN raised this prediction to 6.9 percent from the previous estimate of 6.2 percent in January.
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A key reason for the BRICS economic alliance’s rising prominence is its continued growth. Indeed, the collective has consistently supported and championed both developing and established economies. Subsequently, they have developed an economic bloc that is both servicing global economic growth and the development of struggling economies.
The BRICS bloc is set to continue its expansion effort this year, and a plethora of European countries are seeking to join the collective in 2024. According to reports, several European nations are seeking consideration for expansion invitations in the upcoming Summit. Furthermore, the bloc is seeking to expand in other regions, including Eastern Europe, the Middle East, and ASEAN nations.
India is one of the biggest supporters of expansion in the BRICS bloc and was a key proponent in sparking the first wave of expansion in August 2023. Therefore, more expansion will only be a boost for India and it’s economic growth in 2024.