Why in News? 

Prime Minister Narendra Modi participated in the 17th BRICS Summit held in Rio de Janeiro, Brazil on 6–7 July 2025, where leaders discussed key issues like global reforms, peace and security, multilateral cooperation, and the impact of Artificial Intelligence (AI). The summit highlighted the growing influence of the Global South and aimed at shaping a more balanced and inclusive world order. 

About BRICS 

• BRICS stands for Brazil, Russia, India, China, and South Africa. 
• Originally formed as BRIC in 2006, South Africa joined in 2010. 
• The term “BRIC” was coined by Jim O’Neill (Goldman Sachs) in 2001. 
• BRICS Headquarters: Shanghai, China 
• It represents 25% of global GDP and 40% of the world population. 
• Acts as a counterbalance to Western blocs like G7 and World Bank. 

Recent Expansion and Developments 

• In 2024, Egypt, Iran, UAE, Ethiopia, and Saudi Arabia joined as full members. 
• In 2025, Vietnam joined BRICS as a partner country. 
• BRICS is now referred to as BRICS+ with 9 member countries. 

Major Summits  

Key BRICS Initiatives 

• New Development Bank (NDB): Supports development projects in member countries. 
• BRICS Grain Exchange: Proposed platform for agricultural trade. 
• Financial Integration: Focus on local currency trade, BRICS alternative to SWIFT, and models like India’s UPI. 
• Big Cats Alliance: Endorsed India’s effort for wildlife conservation. 

Functioning & Structure 

• BRICS is guided by UN Charter principles like openness, solidarity, neutrality, and pragmatism. 
• Chairmanship rotates annually among members. 
• Annual Summits are held to set agendas and review progress.