More Than Just an Acronym
First, a quick refresher. BRICS began as an acronym for four fast-growing economies: Brazil, Russia, India, and China. It has since evolved into a geopolitical bloc, expanding to include South Africa and, more recently, nations like Egypt, Iran, Saudi
Arabia, and the UAE. Today, the 11-member group represents nearly half the world's population and a significant chunk of global GDP. Its goal has always been to provide a platform for emerging economies to coordinate on global issues and champion the interests of the Global South. As India chairs the bloc for the fourth time in 2026, hosting the summit on September 12-13, that mission is being put to the test.
The Current Narrative: De-Dollarisation and Expansion
The “latest story” driving conversations about BRICS revolves around two key themes: expansion and de-dollarisation. The recent inclusion of several new members has amplified the bloc's economic and political weight. Simultaneously, there's growing chatter about reducing dependence on the US dollar for international trade. However, India's stance here is nuanced. New Delhi is not advocating for a common BRICS currency to challenge the dollar. Instead, India supports pragmatic steps like settling trade in local currencies and exploring linkages between central bank digital currencies (CBDCs) to make payments faster and more resilient. This is not about being anti-West; it is about creating financial flexibility and reducing risk in a volatile global economy.
India's High-Wire Balancing Act
This is where the story gets complex and critically important for India. Our nation finds itself performing a delicate balancing act. On one hand, BRICS provides a vital platform to champion the voice of the Global South and pursue strategic autonomy. On the other, India maintains crucial partnerships with Western countries, particularly the United States, which is its largest market and a key source of technology and investment. Foreign Minister S. Jaishankar has famously defined India’s position as “non-Western, not anti-Western.” The BRICS summit, with leaders like Russia's Vladimir Putin and China's Xi Jinping attending in New Delhi, puts this tightrope walk on full display. India's challenge is to steer the bloc towards constructive cooperation without letting it become an anti-West coalition dominated by Beijing.
The Dominant China Factor
Within the BRICS narrative, the role of China is impossible to ignore. As the largest economy in the group, Beijing's ambitions heavily influence the bloc's direction. For India, this presents both challenges and opportunities. The unresolved border issues and strategic competition mean that New Delhi must constantly guard against Chinese dominance within the forum. However, BRICS also provides a crucial channel for dialogue. Xi Jinping's visit for the summit is his first to India in nearly seven years, offering a significant opportunity for high-level engagement on trade and other bilateral issues. India's role is often seen as a consensus-builder, working to ensure the group’s agenda remains balanced and doesn't solely serve one member's interests.
Why This Story Defines Our Future
Ultimately, the reason the “Why BRICS Matters” story matters so much right now is because it’s a story about India’s evolving identity on the world stage. It’s not just about one summit or a single diplomatic photo-op. It’s about navigating a multipolar world where India must engage with all sides to secure its interests. The theme for India’s 2026 chairship is “Building for Resilience, Innovation, Cooperation and Sustainability.” This focus on practical outcomes—like strengthening supply chains, boosting trade, and financing development through the New Development Bank—shows India’s intent. The narrative is a reflection of a nation actively shaping its global role, seeking to be a leading voice, not a follower in a bloc.
