New Delhi, Sept. 16 -- When India assumed the Brics chairship this year, many commentators wagered that the grouping's diversity of interests and geopolitical cross-currents buffeting the world economy would make consensus elusive. Some predicted a thin, lowest-common-denominator text, while others doubted a declaration would emerge at all.

The New Delhi Declaration of 12 September has answered that scepticism decisively. It is comprehensive and forward-looking. That such a document could be negotiated is an achievement of India's diplomatic leadership and deserves to be recognized as such by the business community that stands to gain the most.

What is most striking in the declaration is how seriously it takes the private sector as a pa...