India, May 17 -- India considers BRICS to be an inclusive and collaborative group and encourages institutional developments that integrate the new members.

The initial concept of BRIC can be traced back to Russian Foreign Minister Yevgeny Primakov's statements in Delhi in 1998; dialogue groups like RIC (Russia, India and China) and IBSA (India, Brazil and South Africa) were its precursors. While the British economist Jim O'Neill coined the term BRIC; Goldman Sachs adopted it in 2001 to flag the emerging economies of Brazil, Russia, India and China.

The inaugural summit of these three countries was held in Yekaterinburg, Russia on June 16, 2009, they agreed to meet annually to coordinate policies concerning the global financial crises an...