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India Was Once Tipped to Lose Its ‘I’ in BRIC—Now It Hosts an Expanded Bloc Discussions surrounding the latest BRICS summit in India have revived an unusual episode from 2012, when commentators questioned whether India still deserved its place among the world’s most promising emerging economies. India was then experiencing slowing economic growth, high inflation, policy delays and weakening investor confidence. Several international financial institutions reduced their growth forecasts for the country to between approximately 5.7 and 6.4 percent. Amid the downturn, some analysts and media reports suggested that Indonesia could replace India as the “I” in BRIC—the original investment acronym representing Brazil, Russia, India and China. Indonesia was attracting attention because of its large population, expanding consumer market and relatively strong economic performance. However, India was never officially considered for removal from the diplomatic group. BRIC had already evolved beyond an investment label into an intergovernmental organisation. South Africa joined in 2010, turning BRIC into BRICS, and India hosted the bloc’s fourth summit in New Delhi in March 2012. Ironically, India used that summit to promote the creation of a BRICS development bank. The proposal eventually resulted in the New Development Bank, established by the five members in 2015. More than a decade later, Indonesia did join BRICS—but without replacing India. It became a full member in January 2025 after receiving approval through the bloc’s consensus-based expansion process. The episode highlights how quickly economic perceptions can change. India, once described by some commentators as the weakest part of the BRIC grouping, has since become one of its largest and fastest-growing economies while retaining a central role in shaping its agenda. Subscribe to FactTechz In this video, the wrist watch that I have worn on my left hand is Rozhok Shiny Stainless Steel Strap Attractive Analog Watch For Mens A... If you want to check it out, you can click on the Flipkart product tag affiliate sticker on this video.

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