India's economy shows fastest recovery among the BRICS countries

New Delhi – The Corona pandemic crisis has had devastating effects on the economies of China, Russia, India, South Africa, and Brazil. The economy of BRICS countries is still recovering. The BRICS Economic Bulletin claims that the Indian economy has shown the fastest recovery compared to other BRICS countries.

BRICS Contingent Reserve Arrangement (CRA) Research Group has published a report highlighting the impact of pandemics on the economies and measures implemented by the BRICS countries to revive their economies. According to the BRICS Economic Bulletin, Brazil, India, and South Africa have made significant progress. However, the economies of the BRICS countries are yet to recover fully. The report covers the risk faced by South Africa and Russia as they are grappling with the third wave, which poses a new threat and challenges to their economies. The report highlights the increasing number of Corona cases in China, forcing them to impose new restrictions in many places.

Due to additional restrictions and lockdown during the second wave, India’s economic progress was affected. However, the Indian economy is on its path to recovery. While coronavirus infections are on the rise in South Africa, Russia, and China, the cases in India are declining. As a result, the Indian economy has gained momentum to become the fastest recovering economy amongst the BRICS countries.