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“Growth, development and poverty reduction are the most important challenges that our governments face,” said Singh.
He was addressing the 3rd BRICS International Competition Conference in the Indian capital on Thursday.
The Indian Prime Minister said BRICS need to maintain a sustainable fiscal policy, while increasing public expenditures to raise standards of living of large populations.
“Going forward, our governments will have to increasingly adopt competition neutral policies. BRICS competition authorities are ideally positioned to bridge the gap between mature competition authorities and nascent ones,” he said.
The BRICS countries have a combined population of 3 billion with a total GDP of nearly $14 trillion and around $4 trillion of forex reserves.
Singh also reiterated the concerns of emerging economies over the prospect that the U.S. Federal Reserve will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery.
“Monitoring and managing speculative capital flows is a challenging task in times of global uncertainty,” he said at the BRICS meet in New Delhi.
BRICS had earlier called on the G20 to ensure that any changes in monetary policy are well flagged to minimize any disruptive “spillovers” that may result.
“The eventual normalization of monetary policies needs to be effectively and carefully calibrated and clearly communicated,” the BRICS said after their leaders met in St Petersburg, Russia in September this year.
Meanwhile, Singh on Thursday also praised China’s advantageous position as a low-cost producer.
“China is on the path to becoming the undisputed global leader in export of manufactured goods,” said Singh.
Within BRICS, China and India have been fastest growing economies, accounting for almost 20 per cent of the world GDP in 2010.
“India is poised to become the most significant exporter of services. Russia and Brazil dominate as exporters of raw materials,” said Singh.
“South Africa is ideally situated to reap dividends from the untapped growth potential of the African continent,” he added.
The 3rd BRICS International Competition Conference is discussing issues of competition enforcement in the five nations.
Joaquín Almunia, Vice-President of the European Commission and Competition Commissioner, Edith Ramirez, Commissioner of the US Federal Trade Commission, Frederic Jenny, Chairman of the OECD Competition Law and Policy Committee are key speakers at the meet.
The BRICS Post