Question

“India has been a part of many regional and global economic groupings such as G20, SAARC, BRICS etc.”

In the light of the given statement, briefly explain the importance of regional and global economic groupings.

Answer 1

Regional and global economic groupings like G-20, SAARC, BRICS etc., play a vital role for developing nations like India as they help them to understand the developmental processes pursued by their neighbouring nations to better comprehend their own strengths and weaknesses vis-a-vis their neighbours. Moreover, in the unfolding process of globalisation, as developing nations face competition not only from developed nations but also amongst themselves, such groupings help them to flourish well in a shared environment.