By Shi Lancha Source:Global Times Published: 2016/10/18 21:13:39
Over the weekend, the 8th BRICS summit was held in the Indian seaside resort state Goa. The leaders of Brazil, Russia, India, China and South Africa met to discuss issues ranging from regional security, to financial infrastructure, to global economic and financial governance. India, which assumed BRICS chairmanship on February 15 this year, hosted the summit with the core theme "building responsive, inclusive and collective solutions."
During the summit, India presented itself as a bright spot in a bloc whose other members have been buffeted by economic headwinds to varying degrees. With a GDP growth rate of 7.5 percent in 2015 against a rather gloomy global backdrop, India has replaced China as the world's fastest-growing large economy.
Only three years ago, India was still labeled as one of the "RIBS," whose feeble and volatile growth contrasted sharply to China's robust performance. Nowadays, the Russian and Brazilian economies have deteriorated into recession, South Africa struggles to avoid the same fate, and China's decades-long economic boom has geared down. But India finds confidence in talking about economic matters. After all, the setbacks undergone by its fellow countries made India's recent economic achievements shine even brighter in comparison.
Although India's domestic reforms have only made limited inroads in key areas such as land acquisition and labor regulation, an aspirant Modi equipped with newly gained confidence on India's growth prospects has clearly made the country more proactive. For India, this BRICS summit has been a wonderful platform to coordinate efforts in reforming current global economic and finance governance.