With the successful holding of the fifth summit of Brazil, Russia, India, China and South Africa (BRICS) in Durban during March 26–27, 2013, this influential group of emerging economies completed its first important phase of genesis and evolution. The idea was floated in 2001 as an ‘acronym’ created by an investment banker of Goldman Sachs, Jim O'Neil who believed that the fast-growing economies of Brazil, Russia, China and India would be the single greatest game changers in coming times.
Implications of New States in the Union of India
Creation of new states is likely to undermine India’s polity and governance and consequently the socio-economic progress. Cost-benefit analysis suggests that only in some respects the newly-created states have performed better.