INDIA AND BRICS: COOPERATION STRATEGY
References: 4th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM2017, www.sgemvienna.org, SGEM2017 Conference Proceedings, ISBN 978-619-7105-93-3 / ISSN 2367-5659, March 28-31, Book1, Vol.1, 931-938 pp, DOI:10.5593/SGEMSOCIAL2017/HB11/S12.116
The article analyzes the trend in the balance of forces between the Western countries and a group of rapidly developing countries of the BRICS group of Brazil, Russia, India, China and South Africa. BRICS demonstrate the very different path of development, but all of them are intensively the processes of modernization and technological renovation of production areas.
The analysis on several fronts: features BRICS as an international organization; modernization of the economy; trade relations between the BRICS countries; especially financial institutions led to some conclusions.
Creating a New BRICS Development Bank contributes to the deepening investment cooperation that already favorable institutional background. BRICS is investing heavily in building their human capital, knowing that economic growth requires a knowledge economy. Create a platform for a very high-quality education opens the door to the international market for small companies to global leadership path. This model is implemented in the BRICS countries, which have attracted the world’s attention to the achievements in the fields of education, human resources management, as well as large investments in intellectual capital.
In the case of India, you can see the positive development of the international formats of economic cooperation, including the BRICS, which is a promising platform for the implementation of the interests of the country in different directions. The relative independence from exports and investment enables the Indian economy fairly painless to bear the consequences of the global financial and economic crisis.
Keywords: BRICS, India, the world economy, integration, investment cooperation
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