BRICS Summit

Sat 15 Oct 2016, 18:43:39
India is hosting the 8th BRICS summit in Goa on October 15-16. Here are 10 things that will help understand how the group was formed.

  1. BRICS was originally a four-member grouping of Brazil, Russia, India and China, or BRIC.
  2. The first BRIC summit was held in Yekaterinburg, Russia, in 2009.
  3. It was only two years later, in 2001, that the term "BRIC" was coined, by Jim O'Neill coined in his publication 'Building Better Global Economic BRICs'.
  4. South Africa officially joined BRIC in 2010, leading to the group being renamed BRICS - with the "S" for South Africa.
  5. The five BRICS countries represent over 3.6 billion people, or half of the world’s population.
  6. The five BRICS countries have a combined GDP of $16.6 trillion.
  7. India's $2.38 trillion economy is growing 7.5 percent annually, which is the fastest of the five BRICS countries.
  8. At $11.4 trillion, China has the largest economy of the BRICS countries.
  9. South Africa's economy, estimated at $327 billion in 2015, is by far the smallest among the BRICS nations.
  10. BRICS launched its own bank in 2015, to fund infrastructure and development projects in member countries. BRICS bank, officially known as New Development Bank (NDB), is based in Shanghai, and India's KV Kamath is its current president.
No Comments For This Post, Be first to write a Comment.
Leave a Comment
Enter the code shown:

Can't read the image? click here to refresh

Todays Epaper

Maharashtra govt has given the permission for Malls, Multiplexes & restaurants to remain open 24x7 in Mumbai. Is Hyderabad also need to open their businesses round the clock for the facility of people?

Can't Say