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Will BRICS help India to boom its economy…?

India’s economic condition is not in its best, all the major sectors of India are facing economy down drums. PM Modi is in Brazil for the BRICS Summit.

According to media reports,

The Industrial Production (IIP) index settled for the second consecutive time in September. Official figures show that industrial production inventories declined by 4.3 per cent in September, its most active pace in six years. The index of industrial production declined by 1.1 per cent in the previous month. In September 2018, factory production was up 4.6 per cent.

The Ministry of Statistics and Program Implementation announced in a press release, “In terms of industries, seventeen out of 23 manufacturing sectors have shown negative growth during the month of September 2019.”

The condition of banks has worsened in the BJP government. According to the Credit Suisse report, growth in credit expansion in India slowed to a demonetisation level of 6 per cent in the second quarter ended September 30, 2019, indicating a determined slowdown in the country’s economic growth.

News agency ANI reported that in the July-September quarter, credit growth in India fell by 6 per cent, which was attributed to a decline in lending in the non-banking financial company (NBFC) sector as well as a decline in bank lending. is. While NBFC loan growth fell 36 per cent year-over-year (yo) in the September quarter, bank loan growth fell to 8 per cent on an annual basis.

Also, read this:

How BRICs can Help India may it’s economy condition stationary 

PM Modi attends the BRICS Business Forum

Here top major key Points from the Forum that can help India to boost its economy.

  • PM Modi said India is the world’s most “open and investment-friendly” economy, Prime Minister in Brasilia on Thursday as he proposed the BRICS business leaders, asking them to reinvest in the country and take advantage of its “endless” opportunities and “countless” opportunities.
  • PM also added “India is the most open and investment-friendly economy in the world due to political maturity, expected policy and business-friendly betterment. By 2024, we want to make India a five trillion dollar economy. The foundation alone requires USD 1.5 trillion investment.
  • BRICS countries account for 50 per cent of the world’s economic extension. Notwithstanding the slowdown in the world, BRICS countries stimulated economic growth, drove millions out of hunger and achieved new findings in technology and innovation. Now ten years after the founding of BRICS, this forum is a good platform to hold the direction of our forces in the future.
  • PM Modi said Tax and customs procedures between us five countries are getting more comfortable. The business environment is getting more accessible with the collaboration between intelligent property rights, and banks. I request the BRICS Business Forum to study the important business actions to take full benefit of the opportunities thus created.

But Moody’s Investors Service on Thursday decreased India’s economic growth outlook for the current year to 5.6 per cent from 5.8 per cent predicted earlier, saying GDP slowdown is continuing longer than earlier assumed. We have changed down our growth forecast for India. We now forecast a slower real GDP extension of 5.6 per cent in 2019, from 7.4 per cent in 2018,” it stated.

It anticipated economic movement to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, individually, but the pace to remain weaker than in the recent past.

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