Rethinking Brics: Is it time to rebuild the grouping?

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Prime Minister Narendra Modi will be in Johannesburg for the Brics leaders’ summit, starting today. The five-nation grouping will meet amid disagreements on expansion and a common currency. Questions persist over the bloc’s relevance, too. Mint explains: How did the idea of Brics take shape? The idea of Brics gained prominence in the early noughties when Goldman Sachs economist Jim O’Neill coined the term to refer to major developing economies that he said would grow to dominate the global economy. The leaders of Brazil, Russia, India, and China met as part of the new grouping in 2009. South Africa was...