India’s opportunity to put BRICS back together, Pg8

Key Highlights:

• The 18th BRICS Summit will be hosted by India in New Delhi from September 11-13, 2026, marking India's fourth time chairing the group.
• India aims to restore coherence and direction to the expanded BRICS group, which has grown to 11 members and 10 partner countries.
• The original purpose of BRICS was to give a stronger voice to emerging economies in global governance and institutions, particularly financial ones, and to promote a more equitable multilateral order.
• China has sought to use BRICS to amplify its global ambitions and establish a counterpoise to Western domination.
• India's 2026 chairship theme is "Building for Resilience, Innovation, Cooperation and Sustainability," reflecting a "Humanity First" and "people-centric" approach.

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Detailed Insights:

• BRICS was initially conceived to counterbalance Western-dominated global institutions like the IMF and World Bank.
• India's presidency in 2012 led to the establishment of the New Development Bank (NDB), which began operations in July 2014 with an initial authorized capital of $100 billion.
• China's selective support for multilateral reforms, such as resisting permanent seats for India, Brazil, and South Africa on the UN Security Council, prompted India to focus on intra-BRICS consolidation.
• The principle of consensus within BRICS has been challenged, with instances of non-consensus statements emerging, potentially undermining the group's effectiveness.
• The expansion of BRICS in 2024 and 2025 included Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia, bringing the total membership to 11.
• New members have introduced bilateral conflicts, raising concerns about BRICS becoming paralyzed by disputes, similar to the South Asian Association for Regional Cooperation (SAARC).
• India advocates for BRICS to remain a "non-West" group, resisting pressures to adopt an "anti-West" stance amidst global geopolitical shifts.
• Both the U.S. and China are developing parallel global structures and standards in emerging areas like Artificial Intelligence and digital governance, challenging existing international norms.
• The push for de-dollarization within BRICS through a parallel currency faces lukewarm reception due to concerns about Renminbi dominance, with members preferring interlinking payment systems and Central Bank Digital Currencies (CBDCs).
• China is formally launching mBridge, an alternative financial payment system designed for real-time, peer-to-peer, cross-border payments using CBDCs.
• India's vision of "reformed multilateralism," articulated by Prime Minister Modi in 2018, aims to position BRICS as a strong voice for Global South middle powers.

Key Concepts Involved:

• BRICS: An intergovernmental organization comprising major emerging economies, initially Brazil, Russia, India, China, and South Africa, aimed at greater economic and geopolitical integration.
• New Development Bank (NDB): A multilateral development bank established by BRICS states in 2014 to mobilize resources for infrastructure and sustainable development projects.
• Global South: A term referring to countries often described as developing or less developed, primarily located in Africa, Asia, and Latin America.
• Multilateralism: The principle of international relations involving multiple countries cooperating on global issues, often through international organizations.