The Global South Takes Centre Stage
First, let's clarify what 'Global South' means. It isn't just a geographical term. It refers to a broad group of developing countries, primarily in Africa, Asia, and Latin America, many of which share a history of colonialism and a feeling of being underrepresented
in global decision-making. For decades, this was a loose concept, but it now represents a significant ideological and political force. These nations are demanding a more equitable role in world affairs, challenging the post-Cold War international system that has been dominated by Western powers. The BRICS group, especially after welcoming members like Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia, has become the most prominent platform to voice these aspirations. Its population now accounts for nearly half the world's total, with a significant share of global GDP.
Economic Sovereignty and De-dollarisation
A key priority on the Delhi agenda will be economic sovereignty. This translates into concrete measures to reduce dependence on the US dollar. The push for 'de-dollarisation' is not about an immediate collapse of the dollar's dominance but a gradual, practical shift. Member countries are increasingly looking to settle bilateral trade in their own currencies, a move that reduces vulnerability to US monetary policy and sanctions. The New Development Bank (NDB), often called the 'BRICS Bank', is central to this strategy. By 2026, the NDB aims to provide 30% of its financing in local currencies, strengthening the financial sovereignty of its members. The bank, which has already approved tens of billions of dollars for infrastructure and sustainable development projects, is positioning itself as the premier financial institution for the Global South, focused on development needs rather than shareholder profit.
Reforming Global Governance
Beyond economics, the expanded BRICS is a political project to reform institutions of global governance. There is widespread dissatisfaction among Global South nations with existing bodies like the UN Security Council, the World Bank, and the International Monetary Fund, which are seen as reflecting an outdated, Western-centric world order. The BRICS bloc advocates for these institutions to be more representative and democratic. This isn't necessarily about creating a parallel world order but about demanding a seat at the table and making the current system fairer. As the host, India is expected to champion this cause, leveraging the platform to amplify the concerns of developing nations on issues ranging from climate justice to debt crises.
India’s Balancing Act
For India, the Delhi summit is a significant moment. As a nation that maintains strong partnerships with both Western countries and the BRICS bloc, it plays a crucial role as a bridge-builder. India's leadership is guided by its long-standing policy of 'strategic autonomy' and its vision as a 'Vishwabandhu' or friend to the world. During its recent G20 Presidency, India successfully placed the concerns of the Global South at the forefront of the agenda, a role it is set to continue with BRICS. However, this is not without challenges. Navigating internal dynamics within BRICS, particularly the complex relationship with China, requires delicate diplomacy. India's theme for its chairship, 'Building for Resilience, Innovation, Cooperation and Sustainability', signals a focus on tangible, people-centric outcomes over geopolitical rivalries.
