More Than Just an Acronym
What started as an investment banking term has evolved into a significant geopolitical forum. BRICS now includes 11 member countries: Brazil, Russia, India, China, South Africa, and newer members Egypt, Ethiopia, Iran, Saudi Arabia, the UAE, and Indonesia.
This expanded group represents a substantial portion of the world's population and economy, giving it a powerful collective voice. The bloc’s primary goal is to amplify the influence of the Global South and reform global governance systems, such as the UN and the World Bank, which its members feel are dominated by Western interests. As India takes the chair for 2026, its theme is “Building for Resilience, Innovation, Cooperation and Sustainability,” signalling a focus on practical solutions over geopolitical confrontation.
The Economic Engine Room
For India, BRICS is a vital economic platform. The member countries are major trading partners, serving as key sources of imports and destinations for Indian exports. A cornerstone of this cooperation is the New Development Bank (NDB), established in 2014 as an alternative to the World Bank and IMF. The NDB has committed nearly USD 10 billion to 32 projects in India, financing crucial infrastructure like metro rail systems. During its 2026 chairship, India is also promoting easier access to finance for small businesses and stronger trade in services among members. Furthermore, the NDB plans to launch an Indian Rupee bond program to finance local projects, reducing reliance on the US dollar and mitigating foreign exchange risks.
A Platform for Strategic Autonomy
BRICS provides India with a unique stage to practice its multi-aligned foreign policy. It allows New Delhi to sit at the same table with crucial partners like Russia and competitors like China, without being forced to choose sides between East and West. This is particularly important for India’s energy security, as Russia has become a major supplier of crude oil, while the UAE is a key economic ally. By engaging with this diverse group, India reinforces its strategic autonomy, pursuing its national interests without being drawn into rigid alliances. New Delhi has consistently used the forum to push for a multipolar world order, resisting attempts to frame the bloc as an explicitly anti-Western coalition.
Navigating the China Challenge
The most significant challenge for India within BRICS is managing its relationship with China. China's dominant economic position and its geopolitical ambitions often create complex dynamics. Despite ongoing border frictions, the BRICS platform provides a necessary forum for engagement and cooperation on shared interests like reforming global financial institutions. However, India remains cautious, working to prevent the group from becoming too China-centric. New Delhi's strategy is to use BRICS as a space to counterbalance Chinese influence while simultaneously cooperating on a specific, mutually beneficial agenda, steering the bloc towards practical goals that benefit the entire Global South rather than serving one nation's agenda.
Championing the Global South
Perhaps the most crucial role for India within BRICS is its position as a leading voice for the Global South. The forum allows India to advocate for the interests of developing and emerging economies on a global stage, a central pillar of its foreign policy. During its G20 presidency in 2023 and now its BRICS chairship, India has consistently pushed for a more inclusive and equitable global order. The agenda for the 2026 summit reflects this, with a focus on food and energy security, resilient supply chains, and UN Security Council reform—all critical issues for developing nations. By anchoring discussions around these shared priorities, India aims to ensure BRICS remains a constructive and solutions-oriented forum for the developing world.
