Courtesy: Wikimedia
Since none of the candidates won the required 50% majority in the Brazilian presidential elections held October 5, there will be a second round on October 26 between the centre-left President Dilma Rouseff and centre-right Aecio Neves. As of now, polls predict a Rouseff win - but like India, the Brazilian electorate is known for throwing up surprises
Courtesy: wikimedia commons
Brazilian president Dilma Rouseff's bid for re-election has been ambushed in just two weeks by activist Marina Silva who is now predicted to win the October elections. If elected, Marina is likely to continue with the pro-poor policies of the current government, and she has already shown a keen interest in foreign policy. PM Modi will find Marina more proactive and forthcoming than Rouseff
Courtesy: fcpamericas.com
The credit for significant poverty reduction achieved in the last decade in Latin America goes to the pro-poor policies of the leftist governments. The Left is expected to be voted back to power in the October elections to be held in Brazil, Uruguay and Bolivia. The increase in affordability power is good news for the Indian companies who are exporting goods to the region
Courtesy: wikimedia
The Argentines blame the 'Washington Consensus' for the default in 2001, and the New York judiciary and vulture funds for the 'artificial default' in July this year. These are challenges not just for Argentina; they endanger the global debt restructuring system and contradict U.S. domestic laws
Courtesy: wikimedia\commons
Brazil follows a more decentralised form of federalism and gives special importance to the municipalities. Porto Alegre’s successful 'participatory budgeting' is a role model for the world. India can learn from both the positive and negative aspects of the Brazilian system
Courtesy: durdaneta/Wikimedia
Latin America’s economic growth has slowed down in 2014. But the region’s fundamentals are relatively strong, and have the resilience to absorb external shocks and increase growth in the coming years. However, Argentina and Venezuela face continuing uncertainty and deterioration.
Courtesy: news.yahoo.com
The sharp Latin American response to the Israeli bombings in Gaza, on the back of solid support from the U.S., is attributable to the memory of the atrocities committed by past Latin American military dictators with similar U.S. backing. Their strong response is also a sign of the increasingly independent and assertive Latin American voice on the global stage
Courtesy: MEA/Government of India
Looking back at the 2008 financial crisis, when governments had to resort to bail-outs to keep economies afloat, the BRICS member countries have decided to set up a New Development Bank which will provide for a contingency fund. This initiative aims at building an alternate financial structure in terms of trade among the member states as well as creating a safety net
Courtesy: MEA/Government of India
The launch of the BRICS bank can now give the member countries confidence to experiment with other geoeconomic ambitions. Incubating a non-dollar financial architecture can be the next goal. There are existing models to build upon but India will need smart economic diplomacy to secure its interests
Courtesy: Gateway House
Prime Minister Narendra Modi’s visit to Brazil for the BRICS summit is an opportunity for India to intensify its engagement with South America and reactivate the long-dormant IBSA (India, Brazil and South Africa) grouping. This grouping is a promising partnership comprising of different models of democracies spread over three continents