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In this video Manish Shrivastava is talking about BRICS is developing in a direction that was never envisaged. The group was brought together by geopolitical rather than economic considerations and this can be seen in the strategic interests shared by Russia and China. It took them two decades to draw closer. Later, India joined Russia and China, thus changing RC into RIC, the entry of Brazil changed RIC into BRIC, and with South Africa as its member, the group became BRICS.
BRICS is actively involved in the efforts to change the world economic system by increasing the number of non-Western states in international financial institutes despite frantic opposition by the traditional distributors of world money. The BRICS countries decided to create the $100 billion BRICS Development Bank and a reserve currency pool worth over another $100 billion to offer an alternative to countries in the non-Western world when it comes to choosing the sources of funding for development or coping with serious economic crises. Hope you find this initiative of Important Organization interesting and helpful for the preparation of UPSC -2023 by STUDYIQ IAS HINDI.
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