BRICS Nations to lead global economy says Dr. Pritam Singh, Professor, Oxford Brookes University, UK
University School of Business organizes International workshop on trade ties between India & UK
“BRICS nations will lead the global economy and will play vital role in spatial shift of the global capitalist economy” said Dr. Pritam Singh, Professor, Oxford Brookes University, UK. He was speaking during an International workshop on ‘Managing Customization related to International Trade between India and UK’ organized by University School of Business(USB) at Chandigarh University. The two day international workshop was inaugurated today with the expert session delivered by Dr. Pritam Singh on ‘Global Economic & Environment Crisis faced by BRICS Economies’. Professors and Research Scholars from top UK universities which includes Oxfords Brookes University, University of Wolverhampton and Nottingham Trent University would be participating in the two day international workshop which would be attended by Business Management and Commerce students of USB.
Prof. Singh added that, “Emerging economies like China and India have replaced the western countries like UK, USA, Japan and Germany in terms of GDP growth per year in the last two decades”. While addressing the students, he said “China has replaced US as the biggest manufacturer in the world, as a result it has become the second largest economy of the world while India has replaced Japan to become the third largest in the world economy. By 2050 if the Indian economy continuous to maintain the current growth pace(GDP growth 7%), it would be the dominant global supplier of services while China would dominate the global manufacturing industry, due to which Asia will regain its financial and economical supremacy over the western world”. According to IMF report, India is currently the fastest growing economy of the world and has been placed 3rd amongst the top 20 global economies in terms of GDP-PPP (Purchasing Power Parity).
While speaking on the issue of Brexit, Prof. Singh said, “According to a report Brexit: Opportunities for India, both the countries will have increased trade cooperation between them where UK and India can secure a far-reaching deal that will see the value of British exports to India rise from £4.2bn to £6.3bn, an increase of £2.1bn, or 33 per cent whereas imports from India to the UK will rise by around £1 billion, meaning the UK’s balance of trade with India will be improved”.
Economic prosperity and concerns about our environment should go hand in hand but due to rapid development the concerns regarding environment have taken a backseat, added Prof Pritam. He advised that “If growing economies like India & China want to be the leader in the global economy then they would have to take leadership role in the matters concerning global environmental issues such as climate change, global warming context so that our future generations are able to sustain economic growth which is also environment friendly”.
“Indian students are doing exceptionally well in every field at global level but with the increased interaction and cooperation in research between Indian & foreign universities, the students tend to gain international exposure which itself is a value addition to their professional education” said Dr. Suryavanshi, Executive Director, University School of Business.