Brazil, Russia, India, China and South Africa are the members of BRICS. It is the acronym for an association of these five major emerging economies. Originally, the first four were grouped as ‘BRIC’, before the induction of South Africa in 2010. The term ‘BRIC’ was coined in 2001 by the then chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs.