Delhi Declares: An Economic Insight into the Fourth BRICS Summit

Brazil, Russia, India, China and South Africa have grouped themselves as a bloc and have met at the BRICS Summits since 2009. The Fourth Summit held in 2012 in New Delhi was perhaps the most important meeting of the bloc for 2012. The Summit came up with declarations aimed at strengthening and insulating the member countries from the global economic downturns. The most important declarations were those of the proposals to trade and provide credit facilities in local currencies and to set up a BRICS-led South-South Development bank, complementing the efforts of the other development banks. With such a blueprint in hand, the BRICS can be expected to position itself as a major force in the global economy.