BRICS Summit: India Hosts 18th Meeting as Bloc Turns 20
India is hosting the 18th BRICS Summit in New Delhi, marking its fourth time chairing the influential 11-nation bloc.
Source: Livemint EconomyIndia is currently hosting the 18th BRICS Summit in New Delhi from September 12-13. Leaders like Russian President Vladimir Putin and Chinese President Xi Jinping are attending the summit. This marks the fourth time India has chaired the BRICS group. The BRICS bloc is celebrating 20 years since its founding in 2006. Initially, BRICS started with four countries and has now expanded to include 11 member nations. The BRICS group represents a significant portion of the global economy, accounting for 40% of the world's Gross Domestic Product (GDP). The summit focuses on strengthening economic cooperation and addressing global challenges among its member states.
This news is important for competitive exams, especially for UPSC GS Paper II (International Relations) and SSC General Awareness. Aspirants should understand the evolution, objectives, and significance of BRICS as a major international organization. Questions often cover its member countries, founding year, and its role in global governance and economy. The summit's outcomes and India's role as host are also key points.
- India is hosting the 18th BRICS Summit in New Delhi.
- The summit is taking place from September 12-13.
- This is the 4th time India has chaired the BRICS group.
- BRICS is celebrating 20 years since its founding in 2006.
- The bloc has expanded to include 11 member nations.
- BRICS accounts for 40% of the global GDP.
BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. It was founded in 2006 as BRIC, with South Africa joining in 2010. The group aims to promote peace, security, development, and cooperation. It also seeks to contribute significantly to the development of humanity and establish a more equitable and fair world.
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It serves as a comprehensive scorecard of a given country s economic health. GDP is typically calculated on an annual basis, but it can also be calculated on a quarterly basis.
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states. Its purpose is to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. It was established in 2014 and is headquartered in Shanghai, China.
UPSC often asks about the founding year, member countries, and key initiatives like the New Development Bank. SSC exams frequently test the full form of BRICS and its headquarters.
Remember BRICS members with 'B-RIC-S': Brazil, Russia, India, China, South Africa. The 'S' came later!
Frequently Asked Questions
When was BRICS founded and which countries were the original members?
BRICS was originally founded as BRIC in 2006. The original member countries were Brazil, Russia, India, and China. South Africa joined later in 2010, leading to the current acronym BRICS.
What is the primary objective of the BRICS group?
The primary objective of the BRICS group is to promote peace, security, development, and cooperation among its member states. It also aims to contribute to a more equitable and fair global order, fostering economic growth and sustainable development.
Which international bank is associated with BRICS?
The New Development Bank (NDB) is the international bank associated with BRICS. It was established by the BRICS states in 2014 to mobilize resources for infrastructure and sustainable development projects in BRICS and other developing countries.