Q. With reference to BRICS, consider the following statements:
1. The Chairmanship of the forum rotates biannually between the members.
2. Currently India is holding the chairmanship for the first time.
Which of the statements given above is/are incorrect?
Statement 1 is incorrect: The Chairmanship of the forum rotates annually between the member states, in accordance with acronym BRICS.
Statement 2 is incorrect: India was chair in 2012 and 2016 too. Currently India is holding the chairmanship for third time.