The story starts in the year 2001 when Jim O Neil from Goldman Sachs claimed that by the

year
2050, few countries would be dominating world trade.

Even back then such a powerful statement, that too from an organization like Goldman was capable
enough to promote collaboration and discussions among and for these counties.

Finally in the year 2006; BRAZIL, RUSSIA, INDIA and CHINA joined hands and formed BRIC, and
SOUTH AFRICA joined in the year 2010.

BRICS nations collectively hold about 26% of world’s land surface, 41% of total population and 22% of
world product which is expected to rise upto 60% by 2050.

Among BRICS Russia, India and China are widely considered to be current or emerging superpowers.
It was predicted that China and India will become…….giving stiff competition to the west and BRICS.
Is considered to be the foremost rival to the G7 Bloc of leading advanced economies.

India has contributed over 10 billion Dollars to the bank of BRICS to refurbish industrial bases in
South Africa and Brazil.

India also promotes Intra- Brics trade: urging member nations to Import amongst themselves instead
of Europe, in currency other than Dollar, which would preserve their foreign reserves and strengthen
their domestic currency against Dollar.

This is a pie chart depicting the composition of world trade, both Exports and Imports.

BRICS accounts for nearly 19% of the world exports out of which India holds merely 1.6%,3 rd to China
and Russia.

On the Import side BRICS accounts for 15% of world’s imports out of which India holds 2.4%, 2 nd to
China.

Now this is a comparison of Quarterly GDP growth rates amongst the BRICS nations and as compared
to other Developed countries.

2nd Quarter of 2020 is a reflection of impact of covid across the globe, whereas China faced an early
impact in 1st quarter itself with Quarterly growth rate of -6.8% .

In Q2, INDIA faced a drastically negative GDP growth rate of -24.4% which was maximum among the
BRICS as well as in comparison to Advanced economies like USA, JAPAN and GERMANY with average
rate of -10%.

But just 3 quarters later, in 2021 where the advanced economies still had a negative growth rate,
India bounced back with a positive rate of 1.6% which was 2 nd to china’s rocketing growth rate of
18.3%.