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BRICS nations, comprising Brazil, Russia, India, China and South Africa, gathered in Johannesburg, South Africa on July 25, 2018 for their 10th summit, “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the Fourth Industrial Revolution.”
India’s GDP trip fares better. After slowing for much of 2017 (to as low as 6% in 1Q17), India is now at near to full throttle – growth in 1Q18 was 7.7%, putting it ahead of China’s 6.8%. It’s now the world’s fastest growing economy. And, expected to grow between 7% and 8% this year and in 2019.
THE global rise of populism in recent years is understandable. It’s a worldwide phenomenon. Ordinary citizens are feeling ignored – and fed-up. Widespread corruption and more-of-the-same in politics and government have resulted in a global “groundswell of discontent,” in the face of growing inequalities in income, wealth and opportunities.
IT’S a pity India is slipping – it has lost much of its magic. I see two Indias over the past 40 years. The first is the economy of old which brought forth slothful growth in the face of a suffocating bureaucracy and politics as usual. The statist model seen in the 1970s dragged along an economy stuck with the sluggish 4% “Hindu rate of growth.”