Introduction
Originating from a 2001 investment thesis and formalised at the 2009 Yekaterinburg Summit, BRICS has evolved significantly. With the induction of new members such as Egypt, Ethiopia, Iran, and the UAE at the 2024 Kazan Summit, the expanded 'BRICS+' grouping commands roughly 45% of the global population and nearly 37% of global GDP in purchasing-power-parity (PPP) terms, establishing itself as a prominent forum for Global South agency and reformed multilateral governance.
Opportunities for Indian Interests
- Voice of the Global South: BRICS provides India with an institutional anchor to champion developing-world priorities and balance its multi-alignment strategy alongside Western-led partnerships such as the Quad and G7 outreach.
- Push for Reformed Multilateralism: The bloc consolidates collective bargaining power to advocate for structural reforms in global governance institutions, including the United Nations Security Council (UNSC), the World Trade Organization (WTO), and Bretton Woods quota allocations.
- Alternative Financial Architecture: It offers financial diversification through the New Development Bank (NDB), which has approved over $30 billion in infrastructure and sustainable development projects, complemented by the Contingent Reserve Arrangement (CRA).
- Energy Security and Geostrategic Connectivity: The induction of major West Asian energy producers strengthens India's supply security and provides impetus to trans-regional connectivity initiatives like the International North-South Transport Corridor (INSTC) and Chabahar Port.
- Avenue for Bilateral De-escalation: The plurilateral setting offers diplomatic margins to ease bilateral tensions, as demonstrated by the high-level engagement at the 2024 Kazan Summit that advanced the Line of Actual Control (LAC) patrolling consensus between India and China.
Challenges for Indian Interests
- Risk of an Anti-Western Orientation: Efforts by China and Russia to frame BRICS as an adversarial bloc against the United States and Europe complicate India's strategic partnerships and technological cooperation with the West.
- Internal Geopolitical Asymmetry: China's outsized economic leverage and diplomatic weight risk steering expanded BRICS initiatives toward Beijing's unilateral global frameworks.
- Currency and Sanctions Dynamics: Disagreements exist over de-dollarisation; while some members advocate an aggressive push away from the dollar, India favours bilateral local-currency settlements (such as the Rupee-Dirham mechanism) without risking secondary sanctions.
- Institutional Cohesion and Dilution: The induction of diverse political systems—ranging from monarchies to theocracies and democracies—complicates consensus-based decision-making and risks diluting India's foundational influence within the bloc.
Way Forward
To maximise its interests, India should continue to advocate for a 'non-Western, not anti-Western' identity for BRICS. Leveraging its founding status, India must focus the platform on tangible South-South developmental cooperation, multipolarity, and equitable institutional reforms, rather than ideological confrontation.
Conclusion
BRICS remains an indispensable pillar of India's strategic autonomy and quest for a multipolar global order. By preserving the platform's focus on practical developmental finance, economic inclusivity, and reformed multilateralism, India can bridge the Global South and the West while safeguarding its own core national interests.