A Larger and More Diverse Leadership Table
The BRICS summit in New Delhi is the first to be hosted by India with the group's newly expanded membership. The original five leaders—from Brazil, Russia, India, China, and South Africa—are now joined by heads of state and senior representatives from new members Egypt,
Ethiopia, Iran, and the United Arab Emirates. This year, Indonesia also joins the ranks, making it the first Southeast Asian member. Key figures like Russia's Vladimir Putin and China's Xi Jinping are attending, alongside Iran's Masoud Pezeshkian and South Africa's Cyril Ramaphosa. This diverse assembly now represents nearly half the world's population and a significant portion of its economic output, though this growth also introduces complex internal dynamics and competing interests.
Economic Cooperation and De-Dollarisation
A central theme of the 2026 summit is deepening economic cooperation, with a particular focus on reducing dependency on the US dollar. While a single BRICS currency is not on the immediate agenda, members are aggressively promoting the use of national currencies for trade among themselves. India is championing stronger cooperation on cross-border payment systems to make trading in local currencies like the rupee more efficient. The aim is to reduce transaction costs and insulate their economies from the volatility of the dollar and Western-led sanctions. Initiatives like BRICS Pay, which links the digital payment systems of member countries like India's UPI, are a key part of this strategy. Intra-BRICS trade has already quadrupled over the last decade, with China and India driving much of this growth.
Shaping a New Global Order
Beyond economics, the BRICS agenda is increasingly geopolitical. Leaders are focused on strengthening multilateral institutions and making global governance more inclusive. A core objective is the reform of bodies like the UN Security Council to give emerging economies a greater voice. The theme of India's chairship—"Building for Resilience, Innovation, Cooperation and Sustainability"—reflects a broad ambition to create a more multipolar world. This includes practical cooperation on everything from health and food security to energy and strengthening supply chains to withstand global shocks. However, deep divisions remain. The bloc includes regional rivals like India and China, and Iran and Saudi Arabia, making consensus on sensitive geopolitical issues a significant challenge.
India's Delicate Balancing Act
For India, hosting the summit is a high-stakes diplomatic exercise. As chair, it aims to steer the bloc toward constructive cooperation while navigating its own strategic interests. India finds itself in a delicate position, balancing its membership in a forum that includes overt anti-Western voices like Russia and Iran with its deepening partnerships with the United States, Australia, and European nations. New Delhi has successfully framed the de-dollarisation push as a practical step for efficiency rather than a direct challenge to the existing financial order. The summit provides India an opportunity to project its 'strategic autonomy'—acting as a voice for the Global South and engaging with rivals like China, while simultaneously strengthening ties with the West.
