India, Sept. 11 -- BRICS has focused on how to minimise its bargaining disposition with respect to the western financial system for several years. Its greater challenge is to demonstrate that the alternatives being developed actually provide enough benefits for banks, enterprises and authorities so that they can adopt them.

This makes India's presidency of BRICS in 2026 a crucial test. With New Delhi gearing up to host the 18th BRICS Summit from September 12 to 13, the real question is not whether the group will make an announcement about a new currency or how it plans to challenge the dollar. The issue is whether BRICS will be capable of creating a financial framework that is cost-effective, quick, secure, and has the potential of expan...