BRICS

Stands for Brazil, Russia, India, China and South Africa.

Comprises of 42% of world's population, with 23% of world's GDP and 16% share in world trade.

Came into existence in the Year 2001 as BRIC nation.

Officially admitted as a BRIC nation on 24th December 2010.

South Africa has been asked to join the BRIC group of major emerging markets.

With the entrance of South Africa, at the 3rd BRIC’s summit in April 2011, the BRIC became BRICS.

International political organization of leading, biggest, emerging and fastest growing economies.

To promote Legitimate International System, ad advocate reform of UN Security Council.

To bridge the gap between developed and developing nations.

To promote economic and financial cooperation by setting up of New Development Bank headquartered in Shanghai, China and branched at Johannesburg, South Africa for mobilizing investment flows in infrastructure and sustainable development projects in BRICS countries and other emerging economies. 

To set up Contingent Reserve Arrangement (CRA) to support BRICS nations during events of crises in their balance of payments.

To research and develop health measures for common problems such as infectious disease and lack of access to medical services.

To facilitate science, technology and innovation for economic success.

Provided an opportunity to balance strategic interests between the U.S and the Russia-China axis.

BRICS has provided a platform for India to upkeep its efforts against terrorism and has worked within the grouping to take a strong stand against terrorism through focused consultations.

Facilitates India to actively engage with China and resolve mutual disputes like obtaining permanent seat in the United Nations Security Council (UNSC), though backed by France, UK, USA and Russia, except China. This can allow India to become a super-power and a global rule maker.