6 hrs ago
Congress recalls BRICS origins ahead of New Delhi summit
BRICS is a group of large developing countries that work together.
It began with Brazil, Russia, India and China.
South Africa joined later, and more countries joined in 2024 and 2025.
India hosted its first BRICS summit in 2012.
At that meeting, Manmohan Singh suggested creating a development bank.
The bank was created in 2014 and is called the New Development Bank.
India has used loans from the bank for projects in different states.
The next summit in New Delhi will discuss ways for countries to handle problems such as food, energy and health challenges.
Congress leader Jairam Ramesh recalled BRICS’s evolution and India’s first summit as host in 2012.
Former Prime Minister Manmohan Singh proposed a BRICS Development Bank at the 2012 New Delhi summit.
The New Development Bank was established in 2014 and headquartered in Shanghai, with K. V. Kamath as its first president.
Ramesh said India has borrowed about $10 billion from the bank for development projects.
The upcoming New Delhi summit will address food, energy, health, disasters and critical supply chains amid global tensions.
- Who
- Congress general secretary Jairam Ramesh recalled BRICS’s history, including the role of former Prime Minister Manmohan Singh.
- What
- The Congress highlighted the creation of BRICS and India’s proposal for a BRICS Development Bank, ahead of an upcoming summit.
- Where
- The upcoming summit is being hosted in New Delhi; the New Development Bank is headquartered in Shanghai.
- When
- Ramesh’s remarks were made ahead of the two-day summit beginning Saturday; India hosted its first BRICS summit on March 29, 2012.
- Why
- The summit aims to strengthen cooperation and collective resilience in areas including food, energy, health, disaster reduction and critical supply chains.
Key facts
- BRICS origins
- The acronym BRIC was coined by economist Jim O’Neill in a 2001 Goldman Sachs report.
- First summit
- The first BRIC Summit was held in June 2009 in Yekaterinburg, Russia.
- India’s first hosting
- India hosted its first BRICS Summit in New Delhi on March 29, 2012.
- Development bank proposal
- Manmohan Singh proposed a BRICS Development Bank at the 2012 summit.
- Bank established
- The New Development Bank was established in July 2014 and headquartered in Shanghai.
- India’s borrowing
- Jairam Ramesh said India has borrowed around $10 billion from the bank for development projects.
- BRICS membership
- BRICS expanded beyond its original members with South Africa, later Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, and then Indonesia.
Quotes
Jairam Ramesh
Congress general secretary in-charge communications
“Thereafter, largely at the initiative of President (Vladimir) Putin, in September 2006 the Foreign Ministers of this quartet met at the UN in New York and decided to build different types of linkages among themselves.”
theprint.in
“It was at this meeting that Dr. Manmohan Singh had proposed the idea of a BRICS Development Bank.”
theprint.in
Sources
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