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- Published: January 26, 2020 15:32
New Delhi: It is not India but the global uncertainty, which is dragging the world economy towards a synchronised slowdown, said on Saturday Brazil’s Deputy Economy Minister Marcos Troyjo, currently on a four-day visit to India along with President Jair Bolsonaro.
Responding to a question over the International Monetary Fund (IMF) blaming India for the global slowdown, Troyjo in an exclusive interview to ANI said: “I don’t think that India should be blamed for this. There are other factors responsible for driving the global GDP growth towards a slowdown. India’s GDP is now two trillion US dollars. It is also true that for the past four years, India has outgrown China, for example, in terms of percentage growth.”
“Last time, when I saw the numbers for India, it still looked rigorous, especially for a country like Brazil that has recently faced a very steep recession. I think the global uncertainty that has emerged from trade tensions and domestic policy uncertainties, is responsible for the slowdown in the world economy. Once these are eased, then the global forecast is going to pick up again,” the minister added.
Speaking about trade relations between India and Brazil, Troyjo referred to the 15 Memoranda of Understanding (MoUs) signed between the two countries earlier today in the field of science, agriculture, trade and investments.
“India with its 1.2 billion people is a huge market for Brazilian products. There is a growing demand for more food, infrastructure and minerals. India is one of the top priorities of our foreign economic policy,” the minister told ANI.
He said that Brazil wants to exports poultry, sugar as well as ethanol and is looking forward to more foreign investments to his country.
“Indian investors will have a good investment opportunity in Brazil. Brazil emphasises on privatisation concessions in energy, railroads, seaports, airports to Indian investors,” he said.
Talking about geopolitical situations, the minister noted that Brazil is “paying attention” to the current situation in the Asian region.
Troyjo further emphasised on the use of local currency among BRICS nations. He said that the New Development Bank is looking into organising projects that can be financed in each member country.