Some of you might be wondering what the hell is going on about BRICS in the newspapers and television. U might be thinking that what's Narendra Modi up to .
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 2010. The BRICS members are alldeveloping 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.
As of 2013, the five BRICS countries represent almost 3 billion people with a combined nominal GDP of US$16.039 trillion and an estimated US$4 trillion in combined foreign reserves.As of 2014, the BRICS nations represented 18 percent of the world economy.
Brazil held the chair of the BRICS group in 2014, having hosted the group's sixth summit in 2014.
The BRICS have received both praise and criticism from numerous quarters. Argentina participated in the Fortaleza Summit held in July 2014 in response to an invitation by Russia. In that meeting, the BRICS countries will discuss the possible admission of Argentina as the sixth member country.
The term, "BRICS", was coined by economist Jim O'Neill in his publication, Building Better Global Economic BRICs.
Indonesia and Turkey have been mentioned as candidates for full membership of the BRICS, while Argentina, Egypt, Iran, Nigeria and Syria have expressed interest in joining BRICS
This a brief summary for what BRICS actually is and a few videos to help u understand their motive and functioning better :) :)
Hope it helps!!
CHEERS TO NARENDRA MODI !!
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