New Delhi, Sept. 10 -- The acronym BRICS-coined by Goldman Sachs economist Jim O'Neill in 2001-represents an intergovernmental organisation of major emerging economies accounting for nearly half of the global population, around 40 per cent of global GDP, and roughly 26 per cent of global trade. Formed originally in 2009, the bloc aims to foster cooperation among the Global South, address pressing transnational challenges, champion the aspirations of developing nations, and offer an alternative voice to Western-dominated global economic governance structures rooted in the Bretton Woods agreements.
An Expanding Footprint and Internal Divergences
This platform is rapidly expanding. The inclusion of nations such as Iran, the United Arab Emirates, Egypt, Saudi Arabia, and Ethiopia has brought distinct and sometimes competing foreign policy priorities to the table. While Tehran pushes for strong collective stances against Western security actions, Gulf states such as the UAE favour a pragmatic, trade-centric approach focused on economic stability and regional de-escalation.
Naturally, this growth has met with friction. Washington has frequently viewed the platform through a competitive geopolitical lens, while other Western capitals have raised doubts about the cohesion and long-term significance of the expanding BRICS family.
The New Delhi Summit: Setting the Global Agenda
The 18th BRICS Summit is being hosted and chaired by India on September 12-13, 2026, in New Delhi, amid complex global headwinds, shifting trade regimes, and volatile West Asian security dynamics. Guided by the official presidency theme-"Building for Resilience, Innovation, Cooperation and Sustainability"-New Delhi has framed its leadership around a human-centric worldview rooted in the ethos of "Humanity First".
Balancing Act: Strategic Autonomy versus Bloc Ambitions
As Chair, India faces the delicate task of proving its capacity to lead the Global South while preserving its strict strategic autonomy and preventing BRICS from hardening into a rigid, anti-Western coalition.
For partners such as Russia and China, BRICS often serves as a geopolitical instrument to counter G7 dominance and build an alternative economic architecture shielded from Western interference. Following sweeping Western financial sanctions on Moscow in recent years, Russia and China have strongly championed a de-dollarisation agenda. New Delhi, however, maintains a pragmatic stance, recognising that creating a common BRICS currency is both economically unviable and diplomatically provocative.
India's Vision: Reform, Not Confrontation
Rather than constructing a closed financial fortress or a hard-power rival to the West, India has used its presidency to advocate constructive, inclusive alternatives:
* Global Financial Reform: India seeks to reform institutions such as the IMF and World Bank by pushing for quota distributions proportional to contemporary economic realities, alongside capital expansions for the New Development Bank (NDB) to finance sustainable infrastructure without predatory debt.
* Digital Public Infrastructure: Rather than a unified currency, India proposes linking existing national fast-payment networks and establishing a formal BRICS Digital Public Infrastructure Repository to help developing countries build secure, transparent digital environments.
* Multilateral Inclusivity: New Delhi continues to demand a comprehensive overhaul of the United Nations Security Council (UNSC) to ensure permanent representation for emerging economies from Asia, Africa, and Latin America.
* Pragmatic Climate Action: Aligning with its core theme, India champions climate policies that emphasise affordability and gradual transitions, urging developed nations to provide meaningful climate finance and technology transfers rather than imposing restrictive green tariffs.
Shaping a Multipolar World Order
Rather than dragging BRICS into a counterproductive ideological confrontation, India has leveraged its leadership to reinforce the principles of multipolarity and a rules-based global order. By sharing its successful homegrown digital architectures-such as the India Stack-New Delhi is actively helping to reduce digital asymmetries across the Global South.
Ultimately, India's stakes in BRICS extend far beyond immediate economic gains. By balancing its global partnerships and exercising robust strategic autonomy, India is positioning itself as a vital bridge-builder. Navigating these complex global realities with firmness and its foundational belief in Vasudhaiva Kutumbakam (the world is one family), India is successfully shaping BRICS into a constructive platform for equity, sovereignty, and mutual prosperity.
Views expressed are personal. JF Raj is the VC, PK Datta is an Adjunct Professor at St Xavier's University, Kolkata
Published by HT Digital Content Services with permission from Millennium Post.