The current low growth in the Indian economy has consequences and implications for all the members of the BRICS nations, which calls for consolidation in partnerships to establish a new growth trajectory, South African trade minister Rob Davies has said.
Davies said this during a press conference here at the two-day BRICS Business Council meet that ends today. “While emerging economies and BRICS countries continue to be the places where there is growth in the world economy, what we have seen is that the levels of growth are not what they were a couple of years ago,” Davies said.
“That is a fact and it has all kinds of consequences. So if there is lower growth in India or China or Brazil, as there is (in India), it has consequences and implications for all of us. “The implications for us are that we need to strengthen and consolidate our partnerships so that we can establish a new growth trajectory in all of our countries that is mutually beneficial”, he said.
It also accelerates the need for us to build (a) new kind of symbiotic basis on which we can move further, Davies said as he described the current world economic crisis as the greatest since the 1930s.