BRICS brings together five major emerging economies, comprising 43 percent of the world population and 30 percent of the world GDP
GN Bureau | October 14, 2016
India is hosting the 8th BRICS Summit where world leaders will hold consultations on issues of mutual interest. It is being held on October 15-16 in Goa. BRICS is an acronym for Brazil, Russia, India, China and South Africa.
BRICS brings together five major emerging economies, comprising 43 percent of the world population, having 30 percent of the world GDP and 17 percent share in the world trade.
The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, "The World Needs Better Economic BRICs" on the basis of econometric analyses projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so.
As a formal grouping, BRIC started after the meeting of the leaders of Russia, India and China in St. Petersburg on the margins of G8 Outreach Summit in 2006. The grouping was formalised during the first meeting of BRIC foreign ministers on the margins of UNGA in New York in 2006. The first BRIC Summit was held in Yekaterinburg, Russia, on June 16, 2009.
It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC foreign ministers’ meeting in New York in September 2010. South Africa attended the 3rd BRICS Summit in Sanya, China on April 14, 2011.
Seven BRICS Summits have taken place so far. The 8th BRICS Summit is being held in Goa. The earlier summits were held as under:
7th BRICS Summit – 8-9 July 2015 in Russia (Ufa)
6th BRICS Summit - 14–16 July 2014 in Brazil (Fortaleza)
5th BRICS Summit - 26–27 March 2013 in South Africa (Durban)
4th BRICS Summit - 29 March 2012 in India (New Delhi)
3rd BRICS Summit - 14 April 2011 in China (Sanya)
2nd BRIC Summit - 16 April 2010 in Brazil (Brasilia)
1st BRIC Summit - 16 June 2009 in Russia (Yekaterinburg)
Starting essentially with economic issues of mutual interest, the agenda of BRICS meetings has considerably widened over the years to encompass topical global issues. BRICS cooperation has two pillars – consultation on issues of mutual interest through meetings of leaders as well as of ministers of finance, trade, health, education, agriculture, communication, labour, etc. and practical cooperation in a number of areas through meetings of working groups/senior officials.
Billionaire jeweller Nirav Modi, whose properties are being searched after Punjab National Bank reported a massive fraud of Rs 11,000 crore, is a good reason why banking reforms
“Gender based discrimination is worldwide and not alone in India. Offences against women are much more severe in cases of international trafficking, forced prostitution and pornography, women including migrant and refugee women face double barriers on virtue of their gender,"said Dr Rashmi M Oza
A group of 104 women beneficiaries of the Pradhan Mantri Ujjwala Yojana participated and shared their experiences at LPG Panchayat organised at the Rashtrapati Bhawan on February 13. The women delegation, falling under the BPL category, came across 27 states to narrate their success stories
BEML Ltd, a defence PSU, has delivered the first intermediate metro coach (car) unit to Bengaluru Metro Rail Corporation Limited (BMRCL). The intermediate car would be integrated with the existing three-car train sets to double the present passenger carrying capacity of the Bengaluru’
BHEL has got Rs 560 crore order for the supply and installation of flue gas desulphurisation (FGD) system from NTPC for 2x490 MW National Capital Power Station (NCPS). The Indian power sector has seen an uptick in the ordering of emission control equipment due to the revised and more stringe
Instituting Universal Basic Income (UBI) requires public support spanning demographic lines, executive backing, and strong macroeconomic fundamentals. Weaken any leg of this tripod, and the redistributive preferences of any government may shift in favour of traditional welfare support and focusing on econo