India the most disappointing among BRIC

Growth in all four BRIC economies has surpassed expectations in the decade since the term came into existence but India’s record on productivity, FDI and reform has been the most disappointing, the chairman of Goldman Sachs Asset Management Jim O’Neill said on Tuesday. O’Neill, who coined the term, BRIC, in December 2001 to jointly describe the four biggest developing economies — Brazil, Russia, India and China — was speaking at the London leg of the Reuters 2012 Investment Outlook Summit. “All four countries have become bigger (economies) than I said they were going to be, even Russia. However there are important structural issues about all four and as we go into the 10-year anniversary, in some ways India is the most disappointing,” said O’Neill, who oversees almost a trillion dollars in assets at Goldman.