- BRICS is an acronym for Brazil, Russia, India, China and South Africa, the five leading emerging economies that represent over 40% of the global population and nearly 25% of global GDP. - BRICS holds annual summits to deepen cooperation between member countries and promote sustainable development, but has no formal organizational structure. - For India, BRICS provides an opportunity to balance its strategic relations between major powers like the US, Russia, and China, and helps shape global economic policies and counter terrorism.