Despite talks of a multipolar world, China clearly wants a bipolar one that it will share with the US. India must cautiously engage with both powers. Never before had a new global grouping emerged from the research of an American Investment Banking and Securities Company. But this is what happened when a 2001 Goldman Sachs paper entitled ‘Building Better Global Economic BRICs’ signalled the forthcoming shift of global power away from the G7-led developed world, to the emerging, fast growing economies of Brazil, Russia, India and China, with the acronym BRIC.