2. Brics: Brazil, Russia, India, China and South Africa

♤ BRICS brings together five major emerging economies, comprising 43% of the world population, having 37% of the world GDP and 17% 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 four economies 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 July 2006. The grouping was formalized during the 1st meeting of BRIC Foreign Ministers on the margins of UNGA in New York in September 2006.

2.1. BRIC to BRICS ♤ It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC 2.2. The New Development Bank o The initial subscribed capital shall be US$ 50 billion, equally shared among founding members.adoption of ‘one-nation one-vote’ prescription for the proposed bank.2.3. Contingency Relief Arrangement (CRA)o The aim of CRA would be to “forestall short term liquidity pressures, provide mutual 2.4. India’s Approach 2.5. Significance and Challenges 2.6. The Asian Infrastructure Investment Bank (AIIB)