The arrival of China as an increasingly significant setter of global standards may be uncomfortable for India but is near-inevitable and needs to be planned for.
The BRICS name is certainly here to stay, and in terms of global governance, their influence is likely to rise as a group because of this development.
What’s at stake: We've been talking about the problems in the eurozone for a while, but the BRIC economies have recently shown worrying decelerating signs. The economies of Brazil, Russia, India and China grew at a furious pace for much of the past decade and have assumed the role of growth engines for the world economy since the beginning of the crisis. But weak economic data in the BRIC nations have had pundits wondered about the impact that a BRIC slowdown could have on an already weak world economy.