The BRICS Alliance - India

The Brics - India Name Institution The Country Brazil, Russia, India, China, and South Africa came together and formed the popular BRIC alliance. The alliance held its first summit in 2009 and enforced their main aim to be economical and social development. One of the factors that led the five countries to join together was that they were all newly industrialized and they at the same period looking for maximizing trade and development. All the members have made it to the top 25 of the world population. Combination of the five nations makes BRICS boast of about 40% of the world's population and a strong 30% of the world GDP allying a critical economic engine. Like many other organizations and alliances, BRICS has diversified into other activities, especially in the field of political governance, financial, economic and the general multispectral cooperation. The activities, news, and propaganda that come with the new alliance were just enough for the newsrooms, newspapers and money magazines. However, with time, there has been a decline of activities, and it is not business as usual for the magazines anymore since there is no creditworthy news to write about, as some of the earlier mentioned goals seem to have been achieved. The member countries are densely populated; China has in two decades jumped from a developing world to become the second largest economy it is observed as the factory of the world. Brazil, on the other hand, is one of the main exporters of numerous natural resources. Russia is unmistakably one of the key drivers of the world economy as it has held the top position in petroleum products and defense manufacturing. South Africa is a key gateway to the African region. The world third largest economy in the world, India is emerging as an investment global and market power bloc. It is today one of the most sought out regions for investment. Both domestic and foreign investors have made the region one of the robust markets and the future of the country is prophesied to be profitable for both. BRICS members have grown tremendously economically with special case observed in China as the nation experience phenomenal growth in a very short duration. Members also share another aspect when it comes to governance as they all inhibit stark inequality. A common observable characteristic among the member states is that the realized economic growth has not been able to eliminate poverty. Russia and Brazil have been affected by the crash in prices of natural resources. Recently, China has been grappling with a slowdown that was never experienced in the past three decades. China debt issues threaten to be a factor for the next global economic recession, making the future of the billion plus people at risk of getting poor. However, among the BRICS members, India is observed to be inhibiting positive economic prospects. The liberalization of the Indian's economy started more than 25 years ago through the amazing leadership of the then leader P.V. Narasimha Rao. Despite critics from his government, he reduced the power of the state and unleashed market linked reforms. Atal Behari Vajpayee took from Narasimha and continued the development work by undertaking wise reforms. He led to the development of many sectors ranging from telecom to infrastructure. As a result, India's economy has experienced growth powered by financial, trade globalization and technological factors. The corporate sector in India was not left behind in the battle as it took on the trend and started acquiring properties and investment opportunities in developed economies. The above trend has seen the region middle class increase. Increased growth in revenues, India's government introduced a smart idea dubbed pro-poor schemes. Election of Narendra Modi in 2014 saw the superb country leadership continues. Modi promised the nation of an era of leaders who take into the concern of the poor and the rich equally. His strategy was to implement welfare schemes that will look after the poor. One factor to consider when it comes to development is financial inclusion. All cash economies do hurt the poor. To balance a cash economy, especially between the poor and the rich is challenging and hence it is important for the masses to reap maximum benefits of the experienced economic growth and to access the formal banking services is a vital necessity. India leadership conforms to this statement and hence in 1996, they embarked on bank nationalization. Financial inclusion was practices first during the era of Pradhan Mantri Jan Dhan Yojana. The strategy was to enroll over 75 million households to the formal banking and the accounts opened during the time had a zero balance, a debit card, and a life insurance fund. The significance of this move was to enable the poor, and those at the low economy table could easily keep their money at the bank, access government schemes and were legible for loans by the local moneylenders. Financial inclusion was also characterized by the AADHAR that involved giving a unique number that was engraved in a card with details of the holder. Started in 2009 AADHAR embraced the growing technology to improve social, economic development. It is important has been effective, and the government developed an Act based on the program giving it a legal sanctity. This has enabled the government to directly transfer the money of the beneficiaries to their bank accounts. So practical is the strategy that the government does LPG cylinder subsidies through the platform. The citizen is also corporative in that the prime minister requested the rich and upper middle class to leave the subsidy and because of the positive feedback, the government was able to save more than two billion dollars annually. The large population comes with large benefits too; for example, the telecommunication sector is among the most fully utilized in the world. India has almost a billion mobile users, and there is an estimated figure of more the 400 million people using mobile internet. This is an indication of the plethora of opportunities in financial inclusion and the growth of e-government in India. Instant money transfer future looks healthy in India, as national payments corporation has developed unified payments interface support activity. In India, many starts up are based on financial products which look at the poor and the lower middle class. The majority of people in India have been placed in a position where they can access formal banking. Access to the power of technology is also another advantage for the Indian economy. Economy India has an economy structure known as a mixed economy, where a large number of the citizen are in the traditional economy (relies on agriculture) the rest is employed by the service industry which makes two-thirds of the region's output (market economy). There has been an effort to open doors for foreign invests by privatizing state-owned corporations and deregulating in...