India-China ties could change the world

Economist Jim O’Neill on Brics’ future. The economist who coined the term “Bric” says China and India have outperformed his original projections, while Brics now needs to move beyond symbolism and take concrete steps on trade, payments and economic cooperation. Economically, when I reflect back over the 25 years since it nearly came into existence as a concept by me, India and China are the two that have effectively succeeded in what we projected. Both of them, when you analyse the data carefully, have shown accumulated growth over the 25 years more than any of the assumptions we believed. But the other two, Russia and Brazil, have done the opposite and have underperformed considerably what we projected.

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