Crisis recovery is linked to success of Bric economy, says Manmohan

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New Delhi: China with flow of $1.5 trillion in foreign reserves, Russia at $500 billion, India at $300 billion, and Brazil at $200 billion, global economic recovery is closely linked to the success of the economies of these four, Prime Minister Manmohan Singh said on Monday. The Prime Minister left for the Russian city of Yekaterinburg to attend a summit of the grouping.

Bric countries (Brazil, Russia, India and China), which are meeting on Tuesday, will play a crucial part in overcoming the ongoing economic slowdown. The prime minister said: “The countries of Bric together account for 40% of the world’s population and 40% of global GDP. The Bric grouping has the potential to lead global economic growth.”

The Chinese economy is the world’s fourth largest with a GDP of $3.2 trillion. Russia, Brazil and India have a GDP of over $ 1 trillion each.

“In fact, global economic recovery is closely linked to the success of the Bric economies. India is among the fastest growing Bric economies, and we are ready to play our part in coordinating international efforts to overcome the ongoing financial and economic slowdown,” said Singh said in his departure statement before leaving for Russia to attend the Bric and Shanghai Cooperation Organisation (SCO) summits.

All aspects of “global security” and “complexities” in the field of economy in the backdrop of the world financial meltdown will come up during the first “full-format” summit of Bric nations, including India.

Work on aspects of global terrorism and in the light meltdown the field of world’s economy, will come up during the complete summit of Bric nations.

“This will be the first full-format summit of Bric nations, which today are the main centres of economic growth in the world. More than half of the world’s population lives in Bric countries.”

The Russian president Dmitri Medvedev has ahead of the summit said that the issue about moving the world away from the dollar as a reserve currency would be taken up with the Bric members. India too in the past has spoken of the need to increase Special Drawing Right (SDR) and their role. So far, it has been an academic discussion of possibilities rather than any coordinated policy decisions by states. That is the level at which it is now. “And it is likely to come up for discussion during the summit,” said officials in the MEA.