India will host the 8th annual summit of BRICS from Oct. 15-16 in Goa in its capacity of Chairmanship. India assumed Chairmanship of BRICS from Russia on Feb. 15 and will hold the position till Dec. 31.
India’s core theme during BRICS chairmanship will be building responsive , inclusive and collective solutions for the grouping.
The logo for the summit is a lotus with colors from all the 5 member countries and a traditional Namaste in the center.
BRIC term was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication "Building Better Global Economic BRICs" had said that these countries will be world leaders by 2050.
In 2006, the four countries initiated a regular informal diplomatic coordination, with annual meetings of Foreign Ministers at the margins of the General Debate of the UN General Assembly (UNGA). The BRIC grouping's first formal summit, was held in Yekaterinburg, commenced on 16 June 2009. South Africa officially became a member nation on 24 December 2010.
At its 6th Summit, the BRICS established the New Development Bank, aimed at financing infrastructure and sustainable development projects in the BRICS and other developing countries. The new institution will count with a subscribed capital of US$ 50 billion.