What is BRICS? A simple guide ahead of Prime Minister Modi's address
BRICS is an intergovernmental group of eleven countries: Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. It was created to foster cooperation among emerging economies and to coordinate on political, economic, and social issues, especially those affecting the Global South. The group holds annual summits where leaders discuss ways to boost their collective influence on world affairs.2. HOW BRICS HAVE GROWN OVER TIMEOrigin: The term 'BRIC' was first used in 2001 to describe Brazil, Russia, India, and China, countries with rapidly growing economies.Expansion: South Africa joined in 2010, making it BRICS. In 2024 and 2025, the group will expand further to include Saudi Arabia, Egypt, the UAE, Ethiopia, Indonesia, and Iran, reflecting its growing importance and reach.advertisementPurpose: BRICS aims to reform global institutions like the UN, IMF, and World Bank, ensuring fairer representation for developing countries.3. WHY BRICS MATTER IN TODAY 'S WORLDEconomic Power: BRICS nations account for a large share of the world's population, GDP, and trade, making them a powerful economic bloc.Challenging the West: The group seeks to counterbalance Western influence in global institutions and promote the interests of emerging economies.Key Issues: BRICS addresses global challenges such as economic recovery, sustainable development, terrorism, and reforming international organisations.Internal Differences: While BRICS aims for unity, its members have different political systems and interests, which sometimes make collaboration difficult.4. PM MODI 'S KEY FOCUS AREAS AT THE BRICS SUMMITAlthough the official agenda isn't fully confirmed, Prime Minister Narendra Modi is widely expected to highlight several familiar priorities when he addresses the BRICS summit. As a leader who has played an active role in shaping BRICS discussions, Modi is likely to focus on:Highlight Terrorism: Modi often stresses the need to fight terrorism and hold accountable those who support it.Push for Reforms: He advocates for changes in institutions like the IMF, WTO, and WHO to better reflect today's realities.Promote Economic Cooperation: Modi supports greater trade, investment, and economic recovery among BRICS members, especially after global crises like the COVID-19 pandemic.advertisementSupport the Global South: He emphasises the importance of giving developing countries a stronger voice in world affairs.Encourage Innovation: Modi may discuss India's strengths in technology, vaccine production, and sustainable development.5. THE ROAD AHEAD FOR BRICS AND INDIA 'S ROLEGrowing Influence: As BRICS expands, its ability to shape global policies grows, but so do its internal challenges.India's Leadership: India is seen as a bridge between different regions and a key advocate for reform and cooperation within BRICS.Future Summits: The next BRICS summit will focus on global governance reforms and cooperation among the Global South, with India expected to play a prominent role in these discussions.BRICS is at a crossroads, with its expanded membership offering both new opportunities and challenges. As Prime Minister Modi addresses the summit, his focus on economic growth, security, and global reforms will help define the group's future direction and its impact on the world stage.- EndsMust Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
an hour ago
- Hans India
Spontaneous response to STA: Min Nararyana
Nellore: Public representatives of the district have received spontaneous response from the public during door-to-door campaign under the State government's 'Suparipalanalo Tholi Adugu' (STA) programme launched across the district on Wednesday. Minister P Narayana participated in the programme at Yalamavaridinne of 16th division Nellore city, Endowments Minister Anam Ramanarayana Reddy at Musthapuram area in Atmakur town, Kovur MLA Vemireddy Prasanthi Reddy in Butchireddy Palem town, and Nellore Rural in-charge Kotamreddy Giridhar Reddy in Nellore rural mandal have visited every house and detailed the developmental activities, welfare schemes being implemented during one year rule of TDP-led coalition government. Later speaking to reporters, Minister Narayana pointed out that people faced serious challenges and felt insecure as the State reeled under fear and panic during the five-year rule of YSRCP. He claimed that now there is no such situation as people are happy and enjoying development and welfare. Endowments Minister Anam claimed that people are satisfied with welfare programmes like Talli ki Vandanam, free gas cylinders, and assured that Annadatha Sukhibhava scheme will be launched very soon.
Mint
an hour ago
- Mint
Oil prices fall nearly 1% on US demand concerns
International crude oil prices dropped Thursday morning due to weakening demand indicators from the US, reversing gains from the previous session, experts said. Crude oil inventory in the US rose by 3.8 million barrels to 419 million barrels in the week ending 27 June, according data from the US Energy Information Administration, raising concerns of a weakening demand in the world's largest economy and the largest consumer of oil. Also, gasoline demand during the week under review fell to 8.6 million barrels per day from 9.7 million barrels a week ago raising demand fears amid the ongoing summer driving season in the US. Around 8:20 am, the August contract of Brent on the Intercontinental Exchange was trading at $68.47 per barrel, lower by 0.93% from its previous close. The August contract on the West Texas Intermediate (WTI) on the NYMEX was trading 0.89% lower at $66.85 a barrel. The prices eased after a 3% surge on Wednesday after Iran suspended its cooperation with the International Atomic Energy Agency (IAEA), raising concerns, raising concerns of another escalation in the West Asian conflict. Further, President Donald Trump's announcement of the US reaching a trade deal with Vietnam also supported the crude prices on Wednesday as it raised hopes of other trade deals coming through ahead of the 9 July deadline set by Trump. Crude prices have been below $70 per barrel after the ceasefire announcement between Iran and Israel on 24 June. Recently, union minister for petroleum and natural gas Hardeep Singh Puri said that crude prices may stabilise in the range of $60-65 a barrel after declining from their recent highs, according to Union minister for petroleum and natural gas Hardeep Singh. "This range is fine," Puri said on the sidelines of an event. India imports about 85% of its total oil consumption, and an increase in prices would inflate the import bill, hurting economic growth. During the conflict, India closely monitored the situation and looked at alternative sources for importing oil in case the Strait of Hormuz was blocked. India has diversified its oil import sources to nearly 40 countries after the global markets witnessed significant volatility in 2022 amid the Russia-Ukraine conflict. The Indian crude oil basket, which is a weighted average of different crude oil grades processed in Indian refineries, stood at $68.27 per barrel on 1 July. The average basket price in June was $69.77 a barrel, against $64.04 per barrel in May.
Hindustan Times
an hour ago
- Hindustan Times
China netizens back Elon Musk in feud with Trump: ‘Bro you've got million people on your side'
Social media users in China have backed Elon Musk, celebrating him for challenging US President Donald Trump amid rising tensions between the two. The tech billionaire has stirred up online excitement in China after he criticised Trump's sweeping tax and spending legislation and threatened to launch his own political platform. Elon Musk, CEO of Tesla and SpaceX, enjoys immense admiration in China for his 'technological vision and entrepreneurial success'. (AFP) As Musk vowed to challenge lawmakers backing the bill – which has now passed the Senate and is projected to increase US national debt by $3.3 trillion – Chinese netizens were quick to rally behind him. Their reaction has turned the public fallout between Trump and Musk, once close allies, into a hot topic online. On Wednesday, following the bill's passage, the hashtag #MuskWantsToBuildAnAmericaParty surged on Weibo – China's equivalent of Musk's platform X – garnering over 37 million views. One user commented, 'If Elon Musk were to found a political party, his tech-driven mindset could inject fresh energy into politics. The potential for change is significant – and worth watching.' Another added, 'When you've had enough, there's no need to keep putting up with it.' Capturing the tone across the platform, a popular post declared: 'Brother Musk, you've got over a billion people on our side backing you.' Musk celebrated as 'tech hero' in China Elon Musk, CEO of Tesla and SpaceX, enjoys immense admiration in China for his 'technological vision and entrepreneurial success'. Tesla stands out as the only Western electric vehicle brand that competes strongly with local Chinese companies, and its largest production facility by output is based in Shanghai. Musk also maintains strong ties with Chinese leadership, notably with Premier Li Qiang. His mother, Maye Musk, has also become a social media sensation in China, attracting her own following. Musk's popularity is part of a broader Chinese fascination with American tech pioneers. Walter Isaacson's biographies of Steve Jobs and Elon Musk both became bestsellers in China, reflecting the widespread interest in such innovation-driven figures, according to The Guardian report. Donald Trump 'looking into' deporting Tesla CEO Elon Musk? Trump has issued a sharp warning to Elon Musk, threatening deportation after the billionaire intensified his opposition to Trump's sweeping tax cuts and multi-trillion-dollar spending bill. In addition, Trump proposed that the Department of Government Efficiency (DOGE) examine the federal subsidies awarded to Musk's companies – Tesla and SpaceX – as a potential cost-saving measure. The president's latest comments followed Musk's renewed criticism of what Trump has called his 'One Big Beautiful Bill,' which the administration aims to push into law by July 4. Trump hinted that targeting Musk through DOGE could pose challenges for his business interests. "We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon. He gets a lot of subsidies. But Elon is very upset that the EV mandate is going to be terminated. Not everybody wants an electric car," Trump told reporters at the White House. In response to Trump's threat, Musk posted on social media: "So tempting to escalate this. So, so tempting. But I will refrain for now." Once a close political ally of Trump, Musk had endorsed his re-election bid and contributed financially to his campaign. However, their relationship has fractured in recent months, particularly over the proposed $4 trillion tax-and-spending bill. Musk, a vocal critic of the legislation's impact on U.S. national debt, has even vowed to back candidates running against lawmakers who support the bill.
