BRICS is now an engine of growth for the world, Pg10

Key Highlights:

• The concept of "BRIC" was first proposed by Jim O’Neill of Goldman Sachs in 2001.
• South Africa joined in December 2010, leading to the formation of BRICS.
• BRICS+ has expanded to include 11 member countries and 10 partner countries.
• BRICS+ collectively accounts for 55% of the world’s population and is approaching 35-45% of global GDP by Purchasing Power Parity (PPP).
• The 2026 BRICS Summit is scheduled to be held in New Delhi, with India focusing on resilience, innovation, cooperation, and sustainability.

Detailed Insights:

• BRICS+ is recognized as a dynamic economic alliance, projected to grow significantly faster than G7 nations by 2028.
• Several countries, including Argentina, Algeria, and Türkiye, have shown interest in formally joining the BRICS group.
• The cooperation within BRICS is structured around three pillars: political and security, economic and financial, and cultural and people-to-people exchanges.
• China and India, as significant economies within BRICS, are considered crucial engines for global economic growth.
• The Five Principles of Peaceful Coexistence (Panchsheel) are highlighted as fundamental principles of international law advocated by India and China.

Key Concepts Involved:

• BRICS: An acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
• Purchasing Power Parity (PPP): A theory that states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
• G7: An intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• Panchsheel: Five principles of peaceful coexistence, first formally enunciated in 1954 between India and China.