Brazil's Deputy Economy Minister Marcos Troyjo (File pic)
Brazil's Deputy Economy Minister Marcos Troyjo (File pic)

Not India but global uncertainty is dragging world economy: Brazilian Deputy Minister Troyjo

By Shailesh Yadav | Updated: Jan 25, 2020 23:33 IST

New Delhi [India], Jan 25 (ANI): It is not India but the global uncertainty, which is dragging the world economy towards a synchronised slowdown, said on Saturday Brazil's Deputy Economy Minister Marcos Troyjo, currently on a four-day visit to India along with President Jair Bolsonaro.

Responding to a question over the International Monetary Fund (IMF) blaming India for the global slowdown, Troyjo in an exclusive interview to ANI said: "I don't think that India should be blamed for this. There are other factors responsible for driving the global GDP growth towards a slowdown. India's GDP is now two trillion US dollars. It is also true that for the past four years, India has outgrown China, for example, in terms of percentage growth."

"Last time, when I saw the numbers for India, it still looked rigorous, especially for a country like Brazil that has recently faced a very steep recession. I think the global uncertainty that has emerged from trade tensions and domestic policy uncertainties, is responsible for the slowdown in the world economy. Once these are eased, then the global forecast is going to pick up again," the minister added.

Speaking about trade relations between India and Brazil, Troyjo referred to the 15 Memoranda of Understanding (MoUs) signed between the two countries earlier today in the field of science, agriculture, trade and investments.

"India with its 1.2 billion people is a huge market for Brazilian products. There is a growing demand for more food, infrastructure and minerals. India is one of the top priorities of our foreign economic policy," the minister told ANI.

He said that Brazil wants to exports poultry, sugar as well as ethanol and is looking forward to more foreign investments to his country.

"Indian investors will have a good investment opportunity in Brazil. Brazil emphasises on privatisation concessions in energy, railroads, seaports, airports to Indian investors," he said.

The minister further said that Brazil has "an important role tô play in terms of energy security. This is something we can partner with India. Incremental purchases from Brazil will reduce geopolitical risks from an Indian perspective.”

Talking about geopolitical situations, the minister noted that Brazil is "paying very close attention" to the current geopolitical tensions" and hoping to get them resolved soon as these may impact countries like Brazil, which are undergoing structural reforms.

Troyjo further emphasised on the use of local currency among BRICS nations. He said that the New Development Bank is looking into organising projects that can be financed in each member country. (ANI)