Beyond the Acronym: What is BRICS?
BRICS is a grouping of major emerging economies, originally comprising Brazil, Russia, India, and China, which first met in 2009. The bloc was founded on the premise that Western-dominated international institutions no longer served the interests of the developing
world. In 2010, South Africa was invited to join, adding the 'S' to the acronym. Far more than a talking shop, BRICS has established its own financial institutions, including the New Development Bank (NDB) and a Contingent Reserve Arrangement, designed as alternatives to the World Bank and IMF. The group's agenda has three core pillars: political and security cooperation, economic and financial cooperation, and people-to-people exchanges.
The Leaders and the Expansion
The bloc has expanded significantly, reflecting its growing influence. In 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates became full members, with Indonesia joining in 2025. This expansion brings the group's total membership to eleven countries, representing nearly half the world's population and over a third of global GDP. Key leaders include India's Prime Minister Narendra Modi, China's President Xi Jinping, and Russia's President Vladimir Putin. As India hosts the 2026 summit, Modi is in a key position to shape the group's priorities under the theme of “Building for Resilience, Innovation, Cooperation and Sustainability”.
The Core Agenda: Reshaping the Global Order
A central goal for BRICS is reforming global governance to give a greater voice to the Global South. This includes pushing for changes at the United Nations, the World Trade Organization, and other international bodies. A key economic priority is 'de-dollarisation'—reducing the world's reliance on the US dollar for international trade. This is not about creating a single BRICS currency overnight, but rather a gradual shift towards using national currencies for trade between member states. This initiative is driven by a desire to insulate their economies from US monetary policy and sanctions. The agenda under India's 2026 presidency also focuses on practical cooperation in areas like supply chain resilience, energy security, digital health, and counter-terrorism.
India's Critical Balancing Act
For India, BRICS is a crucial platform for advancing its foreign policy goal of 'strategic autonomy'. It allows New Delhi to champion the interests of developing nations while simultaneously engaging with Western partners through forums like the Quad. Membership offers tangible benefits, such as access to new markets and alternative financial mechanisms. External Affairs Minister S. Jaishankar noted that BRICS provides a platform for influence that is not available in forums like the G7. India is also using its leadership to drive cooperation on digital public infrastructure and position itself as a key hub for trade and innovation within the expanded bloc. However, navigating the internal dynamics, particularly the complex relationship with China, remains a key challenge for Indian diplomacy.
Challenges and the Road Ahead
Despite its growing clout, BRICS faces significant challenges. Internal divisions, most notably the strategic rivalry between India and China, could test the group's unity. Furthermore, the diverse economic and political systems of its members can make consensus difficult to achieve. The bloc's ambitions have also drawn scrutiny from Western nations, who are wary of a challenge to the existing international order. The effectiveness of the bloc will depend on its ability to move from declarations to concrete actions and to manage its internal contradictions while presenting a united front on the global stage.
