My Columns: Without Fear and Favour

Significance and Achievements of BRICS Summit 2014 By  Deepak Parvatiyar July 19, 2014 Before we discuss the Brazil summit, let us first begin with the strides made by the BRICS nations Brazil, Russia, India, and China, over the years since the concept of BRIC was floated by Jim O’Neill, an investment banker with Goldman Sachs.  South Africa, with a much smaller economy entered the group in 2011. Genesis and Growth of BRICS Countries : O’Neill had conceived that developing countries such as Brazil, Russia, India and China could emerge as the new engine of growth. He wrote a paper entitled “Building Better Global Economic BRICs”, to advise his clients to invest their money in these new emerging economies. He was right in his analysis. The following decade was a remarkable period of growth for the BRICS countries. As of 2013, with a combined nominal gross domestic product (GDP) of US$16.039 trillion, they rose to together account for an estimated US$4 trillion in com