India’s Trade Relationship with other BRICS Nations: A Recent Stocktaking

Trade has been performing as a suitable vehicle to attain sustainable economic development in a nation. The existing trade theories portray that there is a well-defined relationship between trade and economic development. Further, it is observed from the development pattern of the world that trade promotes the efficient allocation of resources, allows a nation to attain the economies of scale, disseminates knowledge, fosters the technological development and creates a stiff competition that leads to attaining special benefits from the modern business. Against this theoretical background, the present study estimated annual average growth rates and trade intensities (import intensity and export intensity), for the BRICS (Brazil, Russia, India, China, and South Africa) nations. In order to execute this research, time series secondary data have been sourced from IMF and UNCTAD for the period of 1996 to 2016. The variables used in this study include import, export, and GDP. The result from the empirical estimation revealed that China emerged as an important supplier to fulfill the requirement of our customers.