BRICS

BRICS is a group of five major emerging economies, comprising 43% of the world population, having 37% of the world GDP and 17% share in the world trade.South Africa was the last country which have joined the group in 2010 and completed the group as BRICS.

History of BRICS.

Earlier four nations joined hand to form a group in order to give a recognition  to the world rising economic powers.The acronym BRIC (Brazil,Russia,India and China) 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. 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 1st BRIC Summit was held in Yekaterinburg, Russia, on 16 June 2009.After inclusion of South Africa , it attended the 3rd BRICS Summit in Sanya, China on 14 April 2011. BRICS  next summit will be held in India (Panaji , Goa )  

BRICS Initiative

The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations. BRICS works on the two important pillars - onsultation on issues of mutual interest through meetings of Leaders as well as of Ministers of Finance, Trade, Health, S&T, Education, Agriculture, Communication, Labour, etc. and practical cooperation in a number of areas through meetings of Working Groups/Senior Officials.

The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank.The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).The initial authorized capital of the bank is $100 bln divided into 1 mln shares having a par value of $100,000 each. 

The initial subscribed capital of the NDB is $50 bln divided into paid-in shares ($10 bln) and callable shares ($40 bln).The bank is headquartered in Shanghai, China.The first regional office of the NDB will be opened in Johannesburg, South Africa.On 11 May 2015. K. V. Kamath was appointed as the President of the bank.

Future of BRICS

BRICS has emerged one of the successful organisation which have attracted other nations also to join hand and work on the foot mark for the development of their respective economy.Presence of China and India has made this group powerful in terms of economy and military powers. Recently on 26 september 2016, The Department of Science and Technology under the BRICS - grouping of Brazil, Russia, India, China and South Africa - framework organized the first 'Young Scientists Conference' in Bengaluru. The conference will see 50 young scientists meet over the next four days.  The BRICS Young Scientist Forum  (BRICS - YSF) was started last year.

From India's prospective BRICS is an important platform in term of development of its markets.Co-operation on the economic front is one of the focus areas of India’s policy towards BRIC. India can also penetrate into African Markets with the help of BRICS organisation.India need to decide how she can utilize the BRICS platform at an international arena.

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