What Exactly is BRICS?
BRICS is a grouping of major emerging economies. The name originally stood for Brazil, Russia, India, and China, first coined in 2001 to identify rising economic powers. It evolved from an economic concept into a formal political bloc, with the first summit
held in 2009. South Africa joined in 2010, adding the 'S' to the acronym. In recent years, the group has expanded significantly. In January 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE became full members, with Indonesia joining in 2025, bringing the total to 11 countries. This expanded group represents nearly half the world's population and a quarter of the global economy, giving it substantial demographic and economic weight. It's not a formal alliance with a treaty but an influential coalition that coordinates on key economic and political issues.
An Engine for Economic Ambition
A core objective of BRICS is to reshape the global financial landscape, which members feel is dominated by Western institutions like the World Bank and IMF. To this end, they created the New Development Bank (NDB) in 2015. The NDB funds infrastructure and sustainable development projects in member countries and other emerging economies. India has been a significant beneficiary, with the NDB approving billions for projects in transport, renewable energy, and urban development, including metro systems in Mumbai and Lucknow and various road projects. Another key economic goal is to increase the use of local currencies in trade between member nations. This 'de-dollarization' effort aims to reduce dependence on the US dollar, protecting their economies from a volatile currency and Western financial sanctions. While a common BRICS currency is not an immediate goal for India, promoting bilateral trade in rupees and other member currencies is a firm priority.
India's Platform for a 'Multipolar' World
For India, BRICS is a vital instrument of foreign policy. It serves as a key platform to champion its vision of a 'multipolar' world, where power is not concentrated in one or two Western capitals but distributed among several global players. It provides India with a powerful forum to advocate for the interests of the 'Global South'—a term for developing nations—and push for reforms in global governance bodies like the UN Security Council, where India has long sought a permanent seat. Membership allows India to amplify its voice on the world stage, presenting a united front with other major emerging economies on issues ranging from climate change financing to global trade rules. This strengthens India's strategic autonomy, allowing it to navigate a complex world without being tied to any single bloc.
The China Challenge and Strategic Balancing
While BRICS offers opportunity, it also presents one of India's biggest diplomatic challenges: China. As the largest economy in the bloc, Beijing's influence is immense, and its strategic goals often conflict with New Delhi's. India remains cautious of China's growing economic and military assertiveness and works to ensure BRICS does not become a platform dominated by Beijing or morph into a purely anti-Western coalition. This is a delicate balancing act. India simultaneously works with China within BRICS on shared goals like reforming global finance, while also strengthening partnerships with Western countries like the US, Japan, and Australia through platforms like the Quad. This strategy allows India to leverage BRICS as a counterweight to Western influence while using its Western partnerships to manage China's regional dominance.
Chairing in 2026: Driving a Practical Agenda
India holds the BRICS chairship for the fourth time in 2026, hosting the 18th summit in New Delhi. Under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability,' India is focusing on a practical, action-oriented agenda. Key priorities include strengthening cooperation on counter-terrorism, digital health, and energy security. New Delhi is also pushing for initiatives that benefit small and medium-sized enterprises (MSMEs) and improve trade finance mechanisms across the bloc. By steering discussions towards tangible outcomes on development, technology, and sustainability, India aims to reinforce BRICS as a constructive forum for addressing shared challenges, rather than letting it get bogged down by geopolitical rivalries among its diverse members.
