Brazil's President Jair Bolsonaro in India

Decent Voice, New Delhi

Brazil and India signs 15 agreements, Jair Bolsonaro is in India

Arrived as a chief guest at Republic Day parade, Brazilian president Jair Bolsonaro is in India today. Brazil and India signed 15 agreement in different areas which are-

1.Trade

2. Investment

3. Oil and gas

4. Cybersecurity 

5. Information technology

PM Modi praised Brazil to be a valuable partner of India despite both nations are geographically apart. Prime minister also hailed both countries being together on various global issues.

Brazilian president arrived here on Friday with a large business delegation said that both nations have consolidated ties further by signing an agreement in 15 different areas and pledged cooperation.

ECONOMY OF BRAZIL

India and Brazil are both emerging economies of the world. Both countries are a member of BRIC along with China and Russia. 

1. Brazil is the largest country in South America. 
2. With a population of 21 Crore, Brazil is the sixth most populous country of the world and covers area enough to make it fifth largest. 
3. Brazil is full of natural resources to electrify its workforce yet it faces high unemployment.
4. During 2000-2012 Brazil was one of the fastest-growing economies of the world with an average growth rate of 5 percent. 
5. This was the era when Brazil surpass united kingdom in GDP and became sixth-largest economy of the world for some time.
6. Recession entered Brazil in 2014 and at this point, the Brazilian economy lost its track. Since 1990 several steps such as liberalization and opening of the economy provided a strong boost. Countries competitive fundamentals provided a good environment for the economy to grow and developed private sector during this time.
7. Brazil during 2017, is also known for being the most unequal country after Honduras and Columbia in Latin America. 5 percent of Brazilian wealth equal to the remaining 95 percent. 
8. It was the time when the government failed to pay pensions to former civil servants which made few of them homeless as well because they failed to pay their home rent. Poverty in Brazil increased by 11 percent in 2017.
9. GDP at 1.1 percent in 2018 -In 2007 the Brazilian economy grow by more than 6 percent however in 2018 its around 1.1 percent.

INDIA-BRAZIL HISTORY

Relations between these two nations remain tense till 1961 and the reason was Goa. Brazil supported Portugal claim over Goa however India looking forward to make it it's part. 
There was no obvious reason for this Brazilian position except both Brazil and Portugal were long-time partners. Even after India occupied Goa, Brazil criticized India for violating international laws.

In 2009, Brazil sold 100 MAR-1 anti-radiation missiles to Pakistan, even after strong objection from India. The Brazilian defence minister said that Brazil is making a deal with Pakistan, not with a terrorist. 

History shows relations between the two nations were of distrust. In 2016 trade between the two nations amounts to US$5.64 billion. Wipro Technologies also opened its business process outsourcing centre at Curitiba.

INDIAN PRIME MINISTER MODI VISITED BRAZIL IN 2014

Indian prime minister Narendra Modi visited Brazil for 6th BRIC Summit meet at Fortaleza. BRIC agreed to open a financial institution, New Development Bank, which can match with western dominated World Bank and IMF. 

The idea to open such a financial institution was proposed by India in 2012 and since than BRIC started working on it. At present New Development Bank headquarter is at Shanghai as India failed to bag headquarter in Delhi during 2014 meeting.