Effectively kicked off in 2009, BRICS is the world’s latest economic grouping including the countries Brazil, Russia, India, China and South Africa (which joined the group in 2011) - who have decided to grow together faster with much closer business and economic cooperation. The first letters of the English names of these countries have been combined to create the name BRICS, by a certain Jim ‘O Neil. As a Goldman Sach’s economist on his beat on emerging economies, Jim was almighty impressed with the amplitude, trajectory and sustainability of economic and industrial growth of Brazil, Russia, India and China starting the 80’s. In 2001, he coined the term BRIC, and for him, the BRICs would perhaps go on to prove human history’s most potent economic grouping of countries. In 2011, South Africa joined the gang and BRIC became BRICS. But make no mistake, even as you read this, BRICS has actually expanded into a political-diplomatic entity, far beyond the economic grouping it originally imagined itself as.
Among themselves, the BRICS group shares almost 80% of the world’s population and is the world’s single-biggest market for virtually every industry, product or service imaginable. BRICS nations are also home to the largest number of higher-education institutions producing the largest number of graduate and research talents. Needless to say, some of the world’s most pathbreaking and successful experiments in the management of business, organizations and economies in the last two decades have either unfolded in the BRICS nations, or have had strong connections with them – with hundreds of companies like Alibaba exploding onto the scene. There is an undisputed surge in the interest of all nations and their corporations to engage with BRICS markets, institutions and companies to further mutual gains in the areas of business, economics, science and technology.