More Than Just an Acronym
Twenty years since its inception, BRICS is no longer just a forum for emerging economies; it has evolved into a significant political force. Originally comprising Brazil, Russia, India, and China (with South Africa joining in 2010), the bloc has recently
undergone a major expansion. In 2024, it welcomed Egypt, Ethiopia, Iran, and the United Arab Emirates as new members, with others like Saudi Arabia and Indonesia also joining the fold. This expanded grouping, sometimes called BRICS+, now represents a substantial portion of the world's population and global GDP. Its core objectives include amplifying the voice of the Global South, reforming global governance structures like the UN and IMF, and creating alternative financial mechanisms to reduce reliance on Western-dominated institutions and the US dollar.
India's Strategic Balancing Act
For India, BRICS is a crucial platform for exercising its foreign policy of 'strategic autonomy'. It provides a high table where India engages with key powers like China and Russia, while simultaneously strengthening ties with Western partners like the US and Europe. New Delhi has consistently championed the view that BRICS should not become an anti-Western alliance, a stance pushed by members like China, Russia, and Iran. Instead, India uses the platform to advocate for a multipolar world order where developing nations have a greater say. As India holds the BRICS chairship in 2026 under the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” its primary challenge is to steer the group towards practical cooperation while managing internal divisions.
The Economic and Development Engine
The economic dimension of BRICS is central to its appeal for India. The New Development Bank (NDB), an idea first proposed by India in 2012, is a key achievement. The NDB serves as an alternative source of funding for infrastructure and sustainable development projects in member countries, without the stringent conditions often attached to loans from the World Bank or IMF. India is a major beneficiary, with the NDB financing projects in renewable energy and transport infrastructure. Furthermore, the bloc is actively promoting trade in local currencies, which helps protect member economies from exchange rate volatility and the impact of sanctions. The expansion also opens up new markets and opportunities for India's burgeoning IT and services exports.
Navigating Internal Contradictions
Despite its ambitions, BRICS is not a monolith and is rife with internal challenges. The most significant for India is managing its complex relationship with China. While BRICS provides a forum for dialogue, China's economic dominance and its push to shape the bloc's agenda to its own strategic ends remain a primary concern for New Delhi. The expansion has magnified these complexities, bringing together countries with divergent interests, such as Iran and the UAE. This diversity makes reaching a consensus on sensitive political issues increasingly difficult, as seen in disagreements over conflicts in the Middle East which prevented the adoption of a joint statement at a recent foreign ministers' meeting. India’s diplomatic task is to build coalitions on specific issues while preventing these differences from fragmenting the group.
Why It Still Matters for India
In a world of shifting geopolitical plates, BRICS remains an indispensable tool in India's diplomatic toolkit. It is a vital platform for New Delhi to project itself as a leading voice of the Global South and champion 'reformed multilateralism'. The bloc allows India to pursue cooperation on energy security, climate finance, and counter-terrorism, all while maintaining its carefully cultivated partnerships in the West. As External Affairs Minister S. Jaishankar once quipped, India is in BRICS because it is not in the G7, highlighting its role as a crucial alternative platform for shaping global norms. By focusing on a people-centric agenda of resilience and sustainable development during its 2026 presidency, India aims to transform BRICS into a more balanced and effective force for global governance reform, ensuring it remains relevant not just for its members, but for the entire developing world.
