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Modi leads team to BRICS summit

  • M.Rajendran, Hindustan Times, New Delhi
  • Updated: Jul 11, 2014 23:35 IST

Business leaders are hoping that Prime Minister Narendra Modi’s presence in the BRICS summit in Brazil on July 14 and 15 will help boost India’s business opportunities in the other four countries. The BRICS group of nations include Brazil, Russia, Indian, China and South Africa.

Apollo Tyres CMD Omkar S Kanwar will be part of an Indian business delegation that will present a report by the BRICS business council to the five heads of state on July 15.

The council has identified five areas — infrastructure, manufacturing, financial services, energy and green economy and skills development — where the countries can explore business opportunities.

“Each country can support the other and take part in each other’s respective growth and development programmes,” Kanwar, also the chairman of BRICS Business Council (India), told HT. The council comprises five senior businesspersons from each BRICS member.

The council would seek special long-term visa, BRICS development bank, Intra BRICS trade using local currencies, independent rating agency from the governments of BRICS nations.

“BRICS is an important group in terms of its potential. We account for more than a quarter of the world’s land mass, 40% of the world’s population and a combined GDP of $24 trillion at purchasing power parity (PPP),” said Sujata Mehta, secretary, economic relations, external affairs ministry, had said at a recent press conference announcing the Prime Minister’s visit to Brazil.

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