New Delhi: Ahead of the BRICS summit here, the Congress on Thursday recalled how the grouping came about and India first hosted the Summit in 2012 during which then prime minister Manmohan Singh proposed the idea of a BRICS Development Bank.
Congress general secretary in-charge communications Jairam Ramesh recalled that it was 25 years ago in November 2001 that British economist Jim O'Neill then with the investment bank Goldman Sachs had published his famous report 'Building Better Global Economic BRICs' and coined the acronym BRIC referring to Brazil, Russia, India and China as the four fast-growing economies that would collectively dominate the global economy by the middle of the century.
