From Acronym to Alliance
The term 'BRIC' was first coined in 2001 by a Goldman Sachs economist to group Brazil, Russia, India, and China as emerging economies poised to dominate the 21st century. It was an investment thesis, not a political club. However, these nations embraced
the concept. Driven by a shared desire to create a counterweight to Western-dominated institutions like the World Bank and the G7, they held their first formal summit in 2009. A year later, South Africa was invited to join, officially turning 'BRIC' into 'BRICS'. This transformed the group from an economic forecast into an informal intergovernmental organization aimed at increasing its members' sway in global affairs.
Who's in the Club Now?
For over a decade, the five founding members were the core of the bloc. But a significant expansion has recently changed its makeup. In 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) officially became full members. Indonesia also joined in 2025. While Saudi Arabia was also invited, its membership status has remained under consideration. This expansion, often called BRICS+, has dramatically increased the group's demographic and economic weight. The now eleven-member bloc comprises nearly half of the world's population and over a quarter of the global economy, representing a significant bloc of 'Global South' countries.
What Do They Want?
The core agenda of BRICS is twofold: reform existing global institutions and create alternatives. Members advocate for a greater say in organizations like the UN Security Council and the International Monetary Fund, which they see as dominated by Western perspectives. A key achievement on the alternative front is the New Development Bank (NDB), established in 2015 to fund infrastructure and sustainable development projects in emerging economies without the conditions often attached by Western lenders. There is also a strong push to increase the use of national currencies in trade among members to reduce dependence on the U.S. dollar, though the idea of a common BRICS currency faces significant hurdles.
India's Delicate Balancing Act
As a founding member, India plays a critical and complex role. For New Delhi, BRICS is a platform to champion the interests of the Global South and push for a multipolar world order where it has a significant voice. It aligns with India's foreign policy goal of 'strategic autonomy'—maintaining independent relationships with different power blocs. However, membership is a delicate balancing act. India must manage its deep-seated border disputes and growing rivalry with China, the bloc's most powerful economic member. Simultaneously, it balances its BRICS commitments with its membership in Western-backed groups like the Quad, placing India in a unique and sometimes challenging diplomatic position.
Challenges and Criticisms
Despite its growing influence, BRICS faces major internal and external challenges. The bloc is often criticized for its lack of cohesion, with members having widely divergent political systems and national interests. The rivalry between India and China is a prominent example of internal tension. Economically, the group is lopsided, with China's economy dwarfing all other members combined. This has led to concerns that the bloc could become too China-centric. Critics also point out that for all its talk, intra-BRICS trade remains low, and its institutions, like the NDB, have yet to make a significant dent in the dominance of their Western counterparts.
