PM Narendra Modi - Two decades long and illustrious journey

Sekar Chandra
In his address, prime minister Narendra Modi also mentioned the two decades long and glorious journey of

BRICS. During this, the achievements of BRICS were also kept in front of everyone. Under this, telling about

the New Development bank, said that this bank is helping a lot in the development of the countries of the Global

South. Similarly, it has helped in creating a financial safety net through Contingency Reserve Arrangement.

Journey from Brick to Bricks

BRICS was BRIC before south africa joined. For the first time in 2001, Jim O'Neill, an economist working in

Goldman Sachs, the most powerful investment bank of that time, classified these 4 countries as BRIC group in

2001. They believed that by 2050, these 4 rapidly emerging economies would collectively dominate the global

economy by 2050.

There was a meeting between the leaders of these 4 countries along with the annual conference of the G8 group

in St. Petersburg, russia in 2006. In september 2006, the grouping was named BRIC at a formal meeting of the

foreign ministers of these 4 countries during the annual meeting of the United Nations General assembly in New

York. The first summit of this group took place in june 2009 in Yekaterinburg, Russia. Since then its annual

summit started.


South Africa began efforts to become a permanent member of the group in 2010. The process of his becoming a

member of this group formally started in august 2010. south africa officially became a permanent member of

this group on 24 december 2010 and then the name of the group became BRICS from BRIC. South Africa's

membership of this group was determined completely unanimously. Since then BRICS includes Brazil, russia,

India, china and South Africa. No new country has entered this group since South Africa. From 2020, the

discussion on expansion started intensifying.

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