New Delhi : The Congress on Sunday recalled the events leading up to the formation of the grouping as also the Summit hosted by India in 2012 during which then PM Manmohan Singh had proposed the establishment of a BRICS Development Bank. Congress general secretary in-charge communications Jairam Ramesh said, After dropping by in Ghana, Trinidad & Tobago, and Argentina, the Super Premium Frequent Flier Prime Minister has reached Brazil.
Asia-leaning, Russian Prime Minister Yevgeny Primakov floated the idea of a trilateral forum called RIC — Russia, India and China, he recalled. This was done to promote multipolarity in global affairs when the US was triumphant, Ramesh said in his post on X. Then in November 2001, Jim O’Neill and his research team at Goldman Sachs in New York came out with a report titled Building Better Global Economic BRICs–Brazil, Russia, India and China that were identified as the four powerhouse economies for the future, he said.
The very first summit of the BRIC countries – Brazil, Russia, India and China – was held in June 2009 in Russia. Dr. Manmohan Singh attended it. In 2010, South Africa joined the quartet which then became known as BRICS. In 2024 Egypt, Ethiopia, Iran, and UAE joined and this year Indonesia has been inducted, Ramesh said. So far India has borrowed about USD 8 billion for various urban transport, water supply, renewable energy, and other infrastructure projects, Ramesh said.
Prime Minister Modi arrived in Rio de Janeiro on a four-day visit, during which he will participate in the 17th BRICS Summit and undertake a state visit. The prime minister was accorded a ceremonial welcome upon his arrival at the Galeao International Airport on Saturday evening (local time). BRICS, consisting of Brazil, Russia, India, China and South Africa, has been expanded with five additional members: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
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