What Exactly Is BRICS?
At its core, BRICS is a grouping of major emerging economies. It’s not a formal treaty-based organisation like the UN, but rather a platform for its members to consult and cooperate on economic and political issues. The name started as an acronym, BRIC,
coined in 2001 by an economist to refer to the fast-growing economies of Brazil, Russia, India, and China. What began as a financial market concept became a political reality in 2009 when the leaders of these four countries held their first summit. The goal was to increase their collective voice in a world they felt was dominated by Western powers and institutions.
An Expanding Club of Nations
The original BRIC became BRICS in 2010 when South Africa was invited to join. For over a decade, the group remained at five members. However, it recently underwent a major expansion. In January 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) became full members. Indonesia followed in January 2025, bringing the total number of member countries to eleven, including Saudi Arabia, which was invited and is considered a member despite some inconsistencies in official statements. The group now represents nearly half the world's population and a significant chunk of the global economy. There is also a new category of 'partner countries' for nations that wish to align with the bloc without full membership.
What Do They Want to Achieve?
The primary objective of BRICS is to create a more 'multipolar' world order, where global power isn't concentrated solely in the hands of the United States and its allies. They advocate for reforms in international institutions like the UN, the World Bank, and the International Monetary Fund to give developing countries a greater say. A major part of this push involves creating alternative financial systems. For instance, the BRICS-founded New Development Bank (NDB) aims to provide funding for infrastructure and development projects, offering an alternative to Western-led institutions.
The Push Against the Dollar
A key buzzword you'll hear around BRICS is 'de-dollarization'. This refers to the group's ambition to reduce its dependence on the U.S. dollar for international trade and finance. Member countries are motivated by a desire to shield their economies from U.S. monetary policy and the impact of American sanctions. The strategy isn't to suddenly replace the dollar overnight. Instead, it’s a gradual process of promoting the use of their own local currencies for trade between member nations. For example, India has begun paying for some oil imports in rupees instead of dollars. While a common BRICS currency is sometimes discussed, the more immediate and practical focus is on strengthening trade in local currencies.
India's Role in the Bloc
As the host of the 2026 BRICS summit, India is in a pivotal position. For India, BRICS is a key platform for advancing its foreign policy of 'strategic autonomy'—balancing relationships with various global powers without being locked into a single camp. It allows India to champion the interests of the 'Global South' while also engaging with Western partners through other forums. During its 2026 chairship, India has focused on themes like resilience, innovation, and cooperation, pushing for practical initiatives in areas like digital agriculture, health, and support for small and medium-sized businesses. External Affairs Minister S. Jaishankar has highlighted India's potential to drive the bloc's economic efforts through its large market and digital innovation, like the UPI system.
