Authors: Wang Wei, Edward Lai
The concept of the “BRIC” began to affect the audiences in 2001 when economist Jim O’Neill first used the term referring to the emerging countries like Brazil, China, India and Russia combined. And later it was added with South Africa. The argument go that the relative size and share of the BRICs in the world economy would rise exponentially and gradually imply for the G-7, which is regarded as the economic hegemony of the West, to make a rearrangement of the world order.
National Democratic Alliance(NDA)’s loss in 2004 General Elections was unpredicted. But United Progressive Alliance(UPA)’s loss in 2014 was not. People had become frustrated with a decade long rule which they saw as corrupt, spineless and dynastic.
India on Tuesday rejected peace talk’s offer from United States to facilitate and resolve Kashmir issue between India and Pakistan. India has consistently ruled out third party mediation, including that by the UN or the US. Whereas, Pakistan welcomes international mediation and also encourages the U.S. and the UN to help resolve its disputes with India.
Indian PM Modi is in news again with a new economic project called GST. GST could mean two big things, one: Global State terrorism and two, Goods and Services Tax. While Indians are still struggling with the impact of demonetization, the Modi government has come out with yet another shock called GST.