2. What is BRICS?
BRICS stands for BRAZIL, RUSSIA, INDIA, CHINA, SOUTH
AFRICA.
It came into existence in the year 2001 and incorporated
in the year 2009.
BRICS is the internal political organization of leading
emerging economics. Its members are leading
industrialized countries.
3. OBJECTIVES
Its main objective are to corporate between the member
nations for development, provide financial assistance,
support various projects, infrastructure, etc.
The BRICS group acts as a bridge between developed and
developing countries. They are attempting to promote the
liberalization of the international economic order.
The BRICS group also plays an increasingly important role in
assisting developing countries in gaining an advantage in
trait and climate change negotiation.
5. BRAZIL:
ADVANTAGES
One of the fastest growing economy in last century.
Its economy becoming less dependent on exports.
Extremely rich in resources such as coffee, sugarcane,
iron and crude oil.
CHALLENGES
Overburdened and ineffective judicial system.
Industrial output is weak.
6. RUSSIA:
ADVANTAGES
It has capability in high technology sectors.
It accounts for around 20% of the world’s oil and gas
reserves.
People living under poverty line are decreasing.
CHALLENGES
Labor shortages and poorly developed infrastructure.
High in corruption.
7. INDIA:
ADVANTAGES
1.32 billion people
2nd largest labor force in the world.
Ever growing consumer market in INDIA.
CHALLENGES
Slow grown in economy.
Large number of people under below poverty line.
Gradual disappearance of many natural resources, the
pollution of land, water and air.
8. CHINA:
ADVANTAGES
Broad expansion of educational achievement.
Rapid economic growth.
3rd largest country in land size.
CHALLENGES
Bank of CHINA sees inflation as a bigger risk.
Need to improve the investments.
9. SOUTH AFRICA:
ADVANTAGES
Its economy is now the 23rd largest in the world.
Inflation is now below and falling.
25% of the goods produced are for export.
CHALLENGES
The economy is growing but not fast enough.
Lack of skills, particularly in IT.
48% of the population is living below the poverty line.
10. FROM “BRIC” TO “BRICS”
The BRIC became a mechanism through which the
countries can exchange opinions, seek convergence,
identify areas of co-operation and influence the
international agenda.
SOUTH AFRICA was asked to join the BRIC group of major
emerging markets.
SOUTH AFRICA stands at a unique position to influence
African economic growth and investment.
With the entrance of SOUTH AFRICA, at the 3rd BRICS
SUMMIT, in April 2011, the “BRIC” became “BRICS”.
11. Sr no Date Host
country
Host Leader Location
1 16 jun 2009 Russia Dmitry Medvedev Yekaterinburg
2 15 apr 2010 Brazil Luiz Inácio Lula da Silva Brasília
3 14 apr 2011 China Hu Jintao Sanya
4 29 mar 2012 India Manmohan Singh New Delhi
5 26-27 mar 2013 South Africa Jacob Zuma Durban
6 14-17 july 2014 Brazil Dilma Rousseff Fortaleza
7 8-9 july 2015 Russia Vladimir Putin Ufa (Congress Hall)
8 15-16 oct 2016 India Narendra Modi Benaulim
9 3-5 sep 2017 China Xi Jinping Xiamen
10 2018 South Africa Jacob Zuma
BRICS SUMMITS:
12. BRICS BANK
It is also known as NEW DEVELOPMENT BANK.
Formed on July 2014 and came into force in July 2015.
Earlier also known as “BRICS Development Bank”.
Its Headquarter is in SHANGAI (CHINA).
K.V.KAMATH is the 1st chairperson of the Bank.
The NDB was formed as counterbalance to Western-led financial
institutions like the World Bank and the IMF by providing
funding for infrastructure and development projects in BRICS
countries.
Unlike World Bank each nation will have an equal vote in the
bank’s management, regardless of GDP size.
13. RECENT INFORMATION ABOUT BRICS BANK
BRICS BANK approves 1st loans, $811 Million green energy.
BRICS BANK agree on local currency lending.
INDIA will guide the BRICS BANK with $50 Billion the
finance “inclusive and responsive” needs of particularly
emerging economies.
NDB plans to reach the target $2.5 Billion of loan
commitments by the end of 2017.
14. FUTURE PROSPECTS OF BRICS BANK
BRICS BANK plans to raise between $250 Million and $500
Million in masala bonds.
BRICS BANK aims to make $4 Billion in loans in 2018.
BRICS bank is trying to obtain an international credit
rating and expand its membership beyond BRICS countries.
BRICS BANK plans to issue rupee, yuan bonds this year:
K.V.KAMATH
