At New Delhi, on 29th of March, Brazilian president, Russian president, Chinese president, Indian Prime Minister and South African president met for the call on 4th BRICS summit. Manmohan Singh also called for the global institutions and expertise to share the information among the members.
Manmohan Singh, Indian Prime Minister felt that the supply side factors such as water, food, energy and capital would be the major factor that affects the growth of any country and to set the story in medium term the BRICS (Brazil, Russia, India, China, South Africa) summit was held.
Everyone said that their response to the challenge that they may face is different however there is something common among them which binds them together. The narration that took place at BRICS was about the catch up growth that has been caused via the supply side factors which is the base for all resources.
Prime minister ordered for the reforms through the global institutions and also the sharing of the expertise among members in more active way and the development of Europe has started via this active participation of the five nations in the BRICS summit and their ultimate aim is to develop the global as well.
Manmohan Singh said that there are some obstacles which include volatility of food and energy prices and environmental objective of reconciling the growth.
The rise of terrorism and extremism which cause the uncertainty situation in west Asia would be one of the major obstacles. The economic growth could be healthier only when the nations share the global trade and energy sources.
There are four major supply side constraints (food, water, capital, and energy) and out of which capital is the most essential one and the need of it is so urgent. The role of BRICS is to explain in detail about the importance of capital to World Bank and Multinational Corporation.