BRICS nations to lead economy: Oxford professor

Chandigarh, July 28

BRICS nations will lead the global economy and play vital role in spatial shift of the global capitalist economy. This was stated by Dr Pritam Singh, Professor, Oxford Brookes University, UK.

He was speaking during an international workshop on ‘Managing customisation related to international trade between India and UK’ organised by University School of Business (USB) at Chandigarh University in Gharuan. The two-day international workshop was inaugurated today with the expert session delivered by Dr Pritam Singh on ‘Global economic and environment crisis faced by BRICS economies’. Professors and research scholars from top UK universities which include 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 the USB.

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 per cent), it will 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.” TNS