AN INVESTIGATION OF INDIA'S TRADE WITH BRICS COUNTRIES: GRAVITY MODEL APPROACH

This study attempts to analyze the trade flow between India and the rest of the member countries of BRICS (Brazil, Russia, China and South Africa) by using panel data for the time period 2011-2020. Gravity model of trade is used to determine the trade flow by including variables like per capita gross domestic product (PCGDP), distance (DIST), gross domestic product (GDP), consumer price index (CPI) and population (POP). The findings of the study reveal that the trade flow depends inversely on the distance between the trading nations and positively on the GDP of the host nation and its trade partners.