The India-China Dynamic
All eyes will be on the interactions between India and China. While BRICS aims for cooperation, the relationship between its two largest members is complex. Following deadly border clashes in 2020, tensions remained high for years. However, recent steps
toward disengagement, including an agreement reached at the 2024 summit in Kazan, signal a potential thaw. Chinese President Xi Jinping's expected visit to New Delhi, his first in seven years, is seen as a significant indicator of improving ties. The summit provides a crucial platform for both nations to manage their longstanding differences while seeking avenues for economic cooperation, a priority for influential business communities in India. How Prime Minister Narendra Modi and President Xi navigate this delicate balance will be a key determinant of the summit's success and the bloc's internal cohesion.
An Expanding Club
The BRICS group has grown significantly. Once a club of five, it expanded in 2024 and 2025 to include Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, and Indonesia, bringing the total to eleven full members. This expansion has transformed BRICS into a broader coalition of Global South nations, representing nearly half the world's population and over 40% of global GDP in purchasing power parity terms. Now, with over 30 more countries having formally applied or expressed interest in joining, further expansion is a major topic in New Delhi. India's position has been to ensure any growth happens by consensus, with clear criteria for new entrants. The discussions will focus on how to integrate these diverse economies and manage the growing pains of a larger, more complex institution.
The De-Dollarization Debate
A persistent theme at BRICS gatherings is the push to reduce reliance on the US dollar in global trade and finance. This year, the conversation is less about creating a single common currency—an idea that faces significant hurdles due to diverse economic structures—and more about practical alternatives. The focus is on increasing trade settled in national currencies and developing interoperable digital payment systems. India, for instance, is promoting the internationalisation of the rupee while other members are keen on linking their central bank digital currencies to make cross-border transactions faster and cheaper. The New Development Bank (NDB), the bloc's alternative to the World Bank and IMF, remains a central pillar of this strategy, financing infrastructure and sustainable development projects for member nations.
India's Leadership and Agenda
As the 2026 chair, India has defined its agenda with the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'. This framework prioritizes strengthening supply chains for critical goods, promoting digital public infrastructure like UPI, and deepening cooperation on climate action and health. New Delhi aims to transform BRICS from a forum for discussion into an action-oriented institution that delivers tangible benefits. By positioning itself as a voice for the Global South and a bridge between developed and developing nations, India seeks to guide the bloc towards a more cooperative and multipolar world order, emphasizing reform of existing global institutions rather than outright confrontation.
