First, A Quick Refresher
BRICS is the acronym for an intergovernmental organisation that originally brought together five major emerging economies: Brazil, Russia, India, China, and South Africa. It started as 'BRIC' in 2009 and became 'BRICS' when South Africa joined in 2010.
The group’s core purpose has always been to increase economic and geopolitical coordination among its members, effectively creating a powerful bloc to represent the interests of the Global South and offer an alternative to Western-dominated institutions like the World Bank and IMF. It was seen as a club of nations set to shape the 21st-century global economy.
The Big Update: A Historic Expansion
The most significant recent update is the group's major expansion. In 2024, the bloc officially welcomed four new members: Egypt, Ethiopia, Iran, and the United Arab Emirates. Indonesia followed, officially joining in early 2025. Saudi Arabia was also invited and is listed as a member by official BRICS sources, including by the Indian government which holds the 2026 presidency, though the kingdom itself has maintained some ambiguity about its formal status. This enlargement, sometimes referred to as BRICS+, has significantly increased the group's economic and demographic weight, now representing nearly half the world's population.
Why is BRICS Getting Bigger?
The drive for expansion, strongly championed by China and Russia, is fundamentally about building a multipolar world order. For countries under Western sanctions, like Russia and new member Iran, a larger BRICS provides a crucial alternative platform for economic and diplomatic engagement. For other developing nations, it offers a path to greater self-sufficiency and a way to challenge a global system they feel is dominated by United States' interests. The expansion brings major energy producers like the UAE, Iran, and Saudi Arabia into the fold, adding significant economic leverage to the bloc's ambitions. The creation of a 'partner country' category in 2024 also signals a pathway for further growth, with nations like Belarus, Bolivia, Cuba, and Malaysia among the first to join in this capacity.
What It Means for India
As India hosts the 18th BRICS Summit in New Delhi, its role is more crucial than ever. The theme for India's 2026 chairship is "Building for Resilience, Innovation, Cooperation and Sustainability." New Delhi is navigating a complex path, balancing its strategic partnerships with Western countries against its commitment to the Global South. A key challenge is managing the internal dynamics of the expanded group, especially the rivalry with China. India aims to steer the bloc's agenda away from becoming purely anti-Western and towards practical, development-focused cooperation. Officials have stressed that India's focus is on issues like reforming global governance, promoting digital public infrastructure, and building resilient supply chains.
The Push for De-Dollarisation
A major economic goal for the BRICS bloc is reducing dependence on the US dollar, a process known as de-dollarisation. This isn't about creating a single BRICS currency—an idea that Indian officials have clarified is not on the immediate agenda. Instead, the focus is on practical steps like promoting the use of national currencies for trade between member countries. For example, India has been paying for some oil imports in rupees. At the BRICS Business Forum in New Delhi, Commerce Minister Piyush Goyal urged members to link their payment systems, similar to India's UPI, to make trade cheaper and more efficient. This push is motivated by a desire to reduce transaction costs and shield economies from the impact of US sanctions.
Challenges and the Road Ahead
Despite its growing influence, the expanded BRICS is not without its challenges. The bloc is a collection of diverse countries with sometimes conflicting interests, most notably the strategic competition between India and China. Furthermore, the push to move away from the dollar faces significant hurdles. The dollar remains the dominant currency for global trade and reserves, and creating a viable, large-scale alternative is a long-term project. However, the expansion and the current agenda clearly signal a strengthening resolve among major developing nations to carve out a more influential role in global affairs. India's leadership in 2026 will be pivotal in shaping whether the bloc can translate its collective weight into tangible outcomes that benefit the Global South.
