With the aim to make you an expert on key current awareness topics Siliconindia.com has started its exclusive series ‘Topics of the Year 2010 for MBA Entrance Exams’. Under this series we present to you everyday a key topic of this year, which has the likelihood of appearing in the MBA exams of this year.
Today’s topic is ‘BRIC’.

Read further to know in detail about BRIC and its significance:

In economics, BRIC (also known as the "Big Four") is a grouping acronym that refers to the countries of Brazil, Russia, India, and China that are deemed to be at a similar stage of newly advanced economic development.

The acronym was coined by Jim O'Neill in a 2001 paper entitled "The World Needs Better Economic BRICs". The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies toward the developing world.

According to Goldman Sachs the BRIC economies are developing rapidly. By 2050 the combined economies of the BRICs could eclipse the combined economies of the current richest countries of the world. The four countries, combined, currently account for more than a quarter of the world's land area and more than 40% of the world's population.

On June 16, 2009, the leaders of the BRIC countries held their first summit in Yekaterinburg, and issued a declaration calling for the establishment of an equitable, democratic and multipolar world order.