New Delhi, Sep 8: BRICS is taking on a more prominent role in the global economy as emerging economies look for stronger cooperation on trade, investment, technology, energy and development at a time of growing geopolitical and economic uncertainty.
India is currently holding the BRICS chairmanship and is preparing to host the 18th BRICS Summit in New Delhi on September 12-13. The meeting comes at an important time for the grouping, as changes in global trade, supply chains and financial markets are pushing emerging economies to explore stronger economic partnerships.
For India, the summit is an opportunity to position BRICS as a practical platform for economic cooperation rather than simply a geopolitical grouping. The country’s 2026 chairship is centred on resilience, innovation, cooperation and sustainability, with an emphasis on people-centric development.
The importance of BRICS has grown significantly since the grouping expanded beyond its original five members. Its wider membership has brought together major economies and resource-rich countries from Asia, Africa, the Middle East and Latin America, giving the bloc a broader economic and geographical reach.
One of the biggest areas of interest is trade and finance. BRICS countries are exploring ways to make cross-border transactions easier and reduce some of the risks associated with dependence on a single international payment system. However, the focus is increasingly on practical payment options rather than an immediate push to replace the US dollar. Russia, for example, said on Tuesday that it remains open to different payment methods and does not seek a formal policy of de-dollarisation.
The New Development Bank is another important part of the BRICS economic framework. The institution supports infrastructure and sustainable-development projects and is working to expand financing in local currencies, including the Indian rupee. Its planned Indian rupee bond programme is expected to help deepen India’s domestic bond market and reduce currency-related risks for borrowers.
For businesses, stronger cooperation among BRICS economies could open opportunities in manufacturing, infrastructure, energy, digital technology, agriculture and financial services. Better trade links and more diversified supply chains could also help companies explore new markets and reduce their dependence on a limited number of suppliers.
India is also looking to use the BRICS platform to strengthen cooperation against economic crimes. Ahead of the summit, New Delhi is expected to push for a framework that would make it easier for member countries to share financial and investigative information and speed up the tracking and extradition of economic fugitives.
The grouping’s growing influence, however, also comes with challenges. BRICS members have different political and economic priorities, and reaching consensus among such a diverse group will not always be easy. India’s approach is therefore expected to focus on practical cooperation in areas where members have common interests.
For ordinary people and businesses, the real value of BRICS will ultimately depend on whether cooperation translates into easier trade, more investment, better infrastructure, technology partnerships and new employment opportunities.
As leaders prepare to meet in New Delhi, BRICS is moving into a new phase. Its growing membership, economic weight and expanding areas of cooperation give emerging economies a stronger platform to participate in shaping global economic discussions and push for a more balanced and inclusive international system.