A Rapidly Expanding Club
First, the basics. BRICS is a group of major emerging economies, originally Brazil, Russia, India, and China, with South Africa joining in 2010. However, the last couple of years have seen a major growth spurt. In 2024, Egypt, Ethiopia, Iran, Saudi Arabia,
and the UAE became full members. Indonesia followed in early 2025, bringing the total count to eleven. This expansion significantly increases the bloc's geographic, economic, and demographic footprint, now representing nearly half the world's population. A new 'Partner Country' category was also created, bringing nations like Vietnam, Nigeria, and Kazakhstan into the fold for structured engagement.
India Takes the Lead
For 2026, all eyes are on New Delhi as India takes on the BRICS presidency for the fourth time. The summit, held on September 12-13, is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”. India's agenda aims to focus the group on practical outcomes, from strengthening global supply chains to promoting digital public infrastructure like its own UPI payment system. Key priorities include deepening cooperation in health, agriculture, and technology, with a particular push to support small and medium-sized enterprises (MSMEs) across member nations. As host, India is positioning itself as a leader for the Global South, advocating for reform in global institutions rather than their replacement.
The De-Dollarization Dialogue
A recurring theme in BRICS discussions is de-dollarization—the effort to reduce reliance on the US dollar for international trade. This doesn't mean the bloc is trying to kill the dollar overnight. Rather, the focus is on creating parallel systems to cushion members from geopolitical risks and sanctions. Practical steps include promoting trade in local currencies, like the rupee-rouble mechanism between India and Russia, and calls to link the digital payment systems of member countries. While the dollar's dominance in global reserves remains strong, its share has been slowly declining over the last two decades, and BRICS' efforts to build alternative financial infrastructure are a significant factor to watch.
Navigating Internal Tensions
A larger membership also brings more complexity and potential for disagreement. The expanded BRICS now includes countries with competing regional interests, such as India and China, Iran and Saudi Arabia, and Egypt and Ethiopia. Geopolitical events, such as the wars in Ukraine and the Middle East, create deep divisions that test the bloc's ability to form a consensus. For India, this presents a delicate balancing act. New Delhi aims to keep BRICS focused on a development agenda and prevent it from becoming a purely anti-Western platform, a difficult task when members like Russia and Iran hold strong anti-US views. The summit is a key opportunity for India to engage directly with China, with President Xi Jinping visiting for the first time in seven years, offering a chance to consolidate a recent diplomatic thaw.
