BRICS – the conglomeration of Brazil, Russia, India, China and South Africa is considered to be an influential bloc in geopolitics. The conception of a such a unique grouping of nations dates back to 2001, when the then chief economist of Goldman Sachs Jim O’Neill opined that Brazil, Russia, India and China (BRIC) would be the fastest growing economies in earlier part of 21st century. Later, South Africa was added to the grouping. BRIC achieved enormous success in the first decade of its formation, with the group gradually turning into an economic bloc which could challenge the might of European Union. However, critics claim that over the past couple of years, BRICS has retrenched from the position where all group members exhibited solidarity.