Low growth in India has implications for BRICS: Rob Davies
Davies said this during a press conference here yesterday at the two-day BRICS Business Council meet that ends today.
"While emerging economies and BRICS countries continue to be the places where there is growth in the world economy, what we have seen is that the levels of growth are not what they were a couple of years ago," Davies said.
"That is a fact and it has all kinds of consequences. So if there is lower growth in India or China or Brazil, as there is (in India), it has consequences and implications for all of us.
"The implications for us are that we need to strengthen and consolidate our partnerships so that we can establish a new growth trajectory in all of our countries that is mutually beneficial", he said.
It also accelerates the need for us to build (a) new kind of symbiotic basis on which we can move further, Davies said as he described the current world economic crisis as the greatest since the 1930's.
The South African minister said the inaugural meeting of business leaders from the BRICS (Brazil, Russia, India, China and South Africa) countries was one of great importance for the Council, which was established at the BRICS Summit held in Durban a few months ago.