Origin of BRICS: BRICS is an association of five major emerging economies viz., Brazil, Russia, India, China and South Africa. The BRICS members are either developing or newly industrialized are distinguished by their large, fast growing economies and significant influence on regional and global affairs.
India-BRICS summit level meeting: The leaders of Russia, India and China held the first summit in St. Petersburg on July 17th, 2006. The Foreign Ministers met in New York on September 2006, beginning a series of high level meetings. Foreign Ministers who had talks in October 2007 decided to formalize collaboration in a number of areas and to appoint their supervisors. They signed for agricultural development, the prevention of natural calamities and elimination of their aftermath and promotion of healthcare.
The full-fledged diplomatic meeting was held in its first summit at Yekaterinburg, Russia on 16th June 2009 to focus on the means of improving the global economic situation and reforming financial institutions. The 4th summit held on 9th April 2012 in New Delhi of India.
The BRICS Forum, an independent international organization encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011. In March 2013, during the 5th summit, the member countries agreed to create a global financial institution which they intended to rival the western-dominated IMF.
They planned to finalize the arrangements for the new International Development Bank. Prime Minister of India participated in the 6th summit and decided with the BRICS leaders to establish BRICS development Bank at Shanghai in China. Mr. K.V. Kamath of Karnataka became the first Chairman of the Bank.
