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Just two days ago you have seen the successful completion of the BRICS Summit in Goa - some of you were there, and others would have observed it through the work of your colleagues, in digital or print media. There is a certain appropriateness in the conduct of a media forum at the conclusion of a summit - an opportunity for review and evaluation, for marking one more milestone along our common journey. For, after all it is through your eyes that much of the world has seen the summit, through the prism of your words that they have interpreted it. We have always looked upon BRICS as a template for a new approach to global governance in the 21st century. Nine months ago, when India took over the Chair of BRICS, we laid out an ambitious agenda. Premised on the theme of Building Responsive Inclusive and Collective Solutions, we unveiled plans to raise the level of our engagement across sectors. As we approach the end of the chairmanship, the record speaks for itself. A total of 115 events
Emerging markets have different dynamics at play and they are rather dispersed across the spectrum than being a homogeneous group. Therefore, it is a bit difficult to discuss them as a class. Let me, however, use this opportunity to talk about India - how we are placed in the current environment and what the specific issues/challenges are that we are faced with.While generally sharing the problem of high corporate leverage with most emerging markets as well as with the developed world, India presents some exceptions. These exceptions are in the form of moderately higher growth, favourable demographics and persistent inflation. The accommodating policy stance and other conventional and unconventional monetary and fiscal measures taken in the immediate aftermath of Global Financial Crisis have been long unwound. We have been fighting a battle against high inflation and have been on a tight monetary policy regime for some time. You may be aware that we have moved to a CPI-based inflation