BRICS

WHY IN NEWS?

Recently, India virtually hosted the 7^th meeting of the BRICS Astronomy Working Group (BAWG) under the Science, Technology, and Innovation track of the BRICS 2021.

• The Inter-University Centre for Astronomy and Astrophysics (IUCAA), Pune, and Department of Science and Technology (DST) coordinated the meeting.

About:

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.
• In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
  • The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
• India has assumed the BRICS Presidency from January 2021.