India will host the eighth annual Summit of BRICS from October 15-16 in Goa in its capacity as chair of the influential bloc comprising five countries with 42 per cent of the world population and combined GDP of over $16 trillion.
- India assumed chairmanship of BRICS (Brazil-Russia-India- China-South Africa) from Russia on February 15 and it will last till December 31.
- The logo for the Summit is a lotus having colours from all the five member countries and a traditional ‘namaste’ in the centre.
“We will adopt a five-pronged approach during our Chairmanship. It will comprise Institution Building, Implementation, Integration, Innovation, and Continuity with Consolidation (IIIIC or I4C)”
- The grouping has been pushing for greater economic growth among the member countries and reform of global financial institutions.
- It has set up a the New Development Bank headquartered in Shanghai, with India’s K V Kamath at present serving as its chief.
We have planned a series of events including – the BRICS Under-17 Football Tournament, BRICS Film Festival, BRICS Wellness Forum, BRICS Youth Forum, Young Diplomat’s Forum, BRICS Trade Fair, BRICS Friendship Cities Conclave besides the think-tank and academic forums.
– External Affairs Minister
BRICS
- BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
- The grouping was originally known as “BRIC” before the inclusion of South Africa in 2011.
- The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members.
- Since 2009, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and hosted the group’s seventh summit in July 2015.
- As of 2015, the five BRICS countries represent over 3 billion people, or 42% of the world population; all five members are in the top 25 of the world by population, and four are in the top 10.
- The five nations have a combined nominal GDP of US$16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$4 trillion in combined foreign reserves.
