Abstract: The rise of emerging countries has caused a profound impact on the balance of economic powers in the global economy. With the upsurge of the emerging economies, global disparity between countries has not only been reduced but many of these fast rising economies are also likely to surpass the gross domestic product (GDP) of some of the most affluent economies of the North in the next couple of years. Many studies have envisaged that the emerging BICS countries (Brazil, India, China, and South Africa) can overtake the economic accomplishments achieved by many industrialized countries. The present study empirically examined some of these broad assertions, and found that the rise of the emerging countries would reduce the development gap between developed and developing countries and also enormously sustain development efforts of developing countries by providing greater market access. India, with a distinct development strategy, has the potential to influence economic activities of many countries in Asia as well as the world economy in the future.