How BRICS could harness the strength of their respective domestic financial sectors to create inclusive growth and development in the context of Fourth Industrial Revolution

2. EVOLUTION OF INDUSTRY 4.0
What it is all about?
A journey that began with a
steam engine is now
centered around cognification
All of a sudden, the assumptions we confidently held about the
way humans learn, live, and work appear
Lowy Institute, November 2017
That supports and shapes
economies, businesses, jobs, humanity
nations, communities and individuals

3. KEY CHALLENGES
Scope for collaboration
Creating inclusive economies
Nurturing knowledge and knowhow
Enabling and empowering people
A worldwide, consensus has emerged on the need for more
socially inclusive approach to generating economic growth.
However, inclusive growth and development primarily remains
an aspiration. No systematic framework has emerged to guide
policy and practice
WEF Inclusive Growth and Development Report, 2017
Designing strategies for stability
Expanding engagement with developing world
Handholding and guiding transition countries

4. LEVERAGE TECHNOLOGY & FINANCE
Finance for growth
BRICS finance is deep and diverse
markets and multi-asset classes
growing investor base
BRICS have fastest growing financial systems in the world with
large pools of liquidity and depth across numerous asset classes
Strengthen reach and access
Design appropriate products
Deliver financial instruments timely

5. HARNESS STRENGTHS
Interact and integrate
Connect with BRICS financial centers
Establish protocols and standards
Promote a Passport system
While trade and economy have been foundation of our
cooperation, our endeavors today touch diverse areas of
technology, tradition, culture, agriculture, environment, energy,
sports and ICT
Shri Narendra Modi, Hon’ble Prime Minister of India
Generate new vistas of growth
Expand trade and business links
Engage with opportunities

6. ISSUES AND IMPERATIVES
Address the gaps
Introduce vitality in domestic finance
Step-up institutional development
Augment private sector
We are in a great era of development, transformation and adjustment.
Taking a results-oriented, innovative approach to make our
cooperation benefits all
HE Xi Jinping, President, People’s Republic of China
Focus on regulatory compliance
Thrust on customer protection
Independent evaluation of institutions

7. LOOKING FORWARD
Holds infinite promise
Intensify consultation process
Enlarge the scope of stakeholders
Amplify dissemination
Remaining open is important for countries to continue to benefit from
global flows of funds, knowledge and opportunity
Global Financial Development Report, World Bank, 2017
Handle the transition with care and caution
Prudence remains the main principle in finance
A policy that covers and benefits all stakeholders