He said the BRICS countries, while aware of the current challenges, are expected to do what they can to inject an impetus into the global economic recovery.

"While some of the constituent members may be undergoing a phase of weak economic performance, the long term growth potential of the BRICS grouping remains intact," he said.

"Today, BRICS economies account for more than one-fifth of global economic activity. With a combined nominal GDP of 16 trillion U.S. dollars, which is equivalent to about 22 percent of the gross world product. These economies are well poised to provide the much needed growth momentum for the world," Kanwar said.

This is supplemented by the BRICS population of over three billion people, accounting for about 45 percent of world population, he added.

The BRICS cooperation has also boosted the South-South cooperation, Kanwar said.

He noted that BRICS have also taken a coordinated position in several international organizations like the IMF, G-20 and WTO.

Kanwar said, "Going forward, BRICS economies will continue to play a proactive role in shaping the global discourse on growth and development. The BRICS nations have evolved significantly over the years and are playing a far more effective role in the global economy today."