BRICS cantogether help out in global post-covid recovery:PM

• Brazil, Russia, India,China, South Africa are the nations that constitutes BRICS.
• These nations had a similar approach to global economic governance in the aftermath of the pandemic.
• Presidents of the above mentioned nations along with our PM Narendra Mpdi had a summit hosted by China as the chair for this year.
• Among the discussions, Russia's invasion of Ukraine was not commented on by PM Modi even though it caused challenges for the global economy and its impacts on global inflation and supply chain disruptions.

BRICS     five of the largest developing nations of the world representing:  41% of global population

                           24% of global GDP

                           16% of the global trade.

• India's real GDP was set to grow 7.5% in the current FY (FY23) which would make India the fastest growing major economy in the world.
• Also India's digital economy was set to cross $1trillion by 2025.
• Goods and services exports of India stood at $670 billion which exceeded the target of $400 billion for merchandise exports alone, even though global economy was disrupted.
• To benefit people associated with trade, commerce and MSMEs a new Vanijya Bhawan was introduced.
• Also NIRYAT (National Import-Export for Yearly Analysis of Trade) portal was launched. The portal is to break silos by providing real time data to all stakeholders.