BRICS Importance and Objectives:

• While the initial stages of the BRICS countries coming together did not yield much, the pace of developments has significantly picked up in recent years. 
• The BRICS countries would nevertheless show their support for the G20 countries in playing a prominent role in steering the economic leadership of the world.
• As BRICS countries continued their statements of discontent with the World Bank and IMF, and the role that developing countries were accorded by them, the landmark New Development Bank (NDB) was proposed by India, borne out of these. 
• The New Development Bank aims to offer financial and technical assistance to sustainability and infrastructure projects. 
• It’s true that economic cooperation among the five BRICS countries is very important and would give a boost to manufacturing. 
• The BRICS countries have been seen as an engine of world economic growth.
• China and India are the second and seventh largest world economies, respectively, ranking the second and first in terms of growth rate, and first and third in terms of contribution to world economic growth.