Under the able leadership of Prime Minister Narendra Modi, India is marching ahead as the 4th economic power in the world. After G20, India is now hosting the chairmanship of BRICS. The Bharat Mandapam at Indraprastha, New Delhi, is ready to welcome Chinese President Xi Jinping and Russian President Vladimir Putin. This emerging organisation of developing countries is gaining wide support from many countries. It has been designed to reform the global governance structure from the grassroots level.

It also aims to explore financial reforms in global organisations like the World Bank and IMF, as well as to reform the structure of the United Nations and its various bodies effectively.

Origin and History

The history of BRICS is quite interesting, and it is also deeply rooted in the past.

Goldman Sachs prominent advisor and economist Jim O'Neill has been credited with coining the term BRIC—Brazil, Russia, India and China—to describe fast-growing economies. He had forecast that these economies would dominate the global system by the year 2016.

His forecast is coming true, and the picture of the global economy is fast changing.

In the year 2006, for the first time, the foreign ministers of these four countries met in New York. They tried to develop economic theory based on political diplomacy.

The first inaugural Summit of BRICS was held in the year 2009 in the Russian city of Yekaterinburg. However, in 2010, BRICS invited South Africa as a member country. In this way, the nomenclature became BRICS.

The period from 2023 to 2026 has been described as a period of expansion. The bloc expanded significantly during this period to include nations like Egypt, Iran, Ethiopia and the UAE, as well as many other countries.

This expansion was responsible for extending the organisation's role into a broader alliance representing the Global South and its voice.

Developing Financial Institutions

The basic concept of BRICS is based on financial expansion and cooperation between the four developing countries. Later, many other countries joined the bloc for facing financial problems systematically.

The members contributed and established the New Development Bank in the year 2015. This was a unique initiative to establish economic cooperation linkages between the member countries and to help them in times of catastrophe.

The Economic Asylum for the Global South

China's emergence as a superpower has created its dominant magnetic role more effectively than ever before.

Under Chinese leadership, the New Development Bank was established, which became a centre of assistance for the smaller countries that are members of BRICS.

This has created a new economic nexus, yet it has led to many complications.

India's rise as an economic power is also countering Chinese influence, and India is able to rally smaller Global South countries to fight for their problems. India is taking the lead ahead.

The Dollarisation Myth and Reality

America is worried about the BRICS role in the process of dollarisation.

The BRICS countries are often criticised for their de-dollarisation initiative, and the USA is cornering these countries as a matter of punishment against de-dollarisation.

The process of de-dollarisation is always discussed with its pros and cons, but India never believes that BRICS is a platform against dollarisation. Rather, it is for internal assistance and help between the member countries to support and assist them in crucial conditions when they acutely face economic crises.

India is leading BRICS for the 4th time, and in the year 2026 India has decided on specific objectives based on four pillars: organising and reflecting the problems of the Global South, as well as supporting innovation, cooperation and sustainability.

The Four Pillars of India's BRICS Leadership

India's four pillars of BRICS leadership can be described as under:

The Voice of the Global South

In the multipolar world, India is trying to become the leader and voice of the Global South for hearing out their economic as well as social and cultural problems in the new world.

India is campaigning as a champion of inclusive global growth and global governance, debt relief and reform of major economic bodies like the World Bank and IMF.

Reforming the United Nations Organisation and the UN Security Council is also on the top agenda during India's Presidency period.

Technology and Digital Public Infrastructure

India wants to exhibit its grand success in promoting information technology applications and also digital public infrastructure facilities which India has developed and provided to many developing countries.

By leveraging its fintech success, India wants to promote cross-border digital payment initiatives as well as AI ethics principles and technology transfer for developing nations.

This initiative is going to enhance India's influence over the Global South countries.

Alternative Financial Mechanism

India is vibrantly advocating the need for alternative financial mechanisms to solve the problems of developing countries.

India is supporting the need for self-sufficient economic infrastructure by reducing Western-centric financial systems through trade and commerce, expanding local currencies and exploring resilient payment frameworks.

India wants to market aggressively its success story as the UPI system.

India's Milestone Initiatives

India has taken certain milestone initiatives to focus on the BRICS Summit. India has pioneered digital health summits as well as counter-terrorism action plans and green tourism alliances, and has also undertaken bold steps to support remote-sensing satellite operations among the member countries.

India's role and leadership of BRICS is going to be very impressive, very dominant and very much effective in providing a development-centric personality rather than countering any superpower.

Challenges Before India

During the BRICS leadership, India has to face many challenges, such as keeping the expanded bloc focused on Global South development platforms without leading it to turn into an anti-Western or anti-China-centric platform and managing deep geopolitical divisions.

As analysed by Indian political pundits, the core test is making BRICS a complementary engine for resilience and security rather than a rigid geopolitical confrontation forum.

Managing Global Crisis

The first challenge is how to manage the global crisis today. The West Asia and Ukraine conflicts are challenging problems.

These active wars have become horrible in terms of human losses and infrastructure destruction. A number of state partners are suffering due to these wars.

The conflict has disturbed the entire Asia and has made it difficult to face the energy crisis. India has to develop consensus on joint statements very carefully.

Strategic autonomy has been put to the test.

Iran can expect anti-Western and anti-American stances, then it would be difficult to keep the balance. India has to keep a cool atmosphere with China and Russia while discussing border issues and oil supply issues.

Overcoming China's Rivalry

China will try to dominate its power at many points. However, India has to resolve Indo-China tensions very carefully.

Some experts feel that India-China relations can be a hurdle in the way, but the way in which PM Modi has handled ties with China and his visit to Beijing has created a cordial atmosphere for dialogue and diplomacy.

Now the group has expanded up to 11 members and will be quickly expanding in the future course of time. At this point of juncture, managing China's vast economic and strategic weight is critical to emerging smaller or newly added nations.

These members feel that they must have an equal voice and should not be pressed under Chinese single dominant leadership.

India will impress the new members by providing a platform for their problems effectively.

Diverse Economic Priorities

BRICS is facing the challenge of de-dollarisation as a matter of top critical importance.

BRICS can create many complications. India is pushing alternative payment systems like BRICS Pay and independent rating agencies. Such a system requires careful navigation to avoid negating traditional global financial systems.

BRICS membership is being expanded, which includes vast models, and their development levels are also very complex. There are major energy producers and also consumers. How to develop consensus on trade and security is also a challenging problem among the member countries.

India has to balance her role by keeping equal distance from all the three members—China, Russia and other Asian leaders.

The presence of the UN Secretary-General and WHO chief has increased the prestige of the Summit. This will help India play a constructive role during these two days.

Summary

It is clear that India's 18th rotating BRICS chairmanship is going to be a new chapter in the history of BRICS.

It can be recorded as the climax of India's global leadership, which has been transforming from non-alignment to multi-alignment, from Asian leadership to global leadership.

India's role as the voice of the Global South is going to be like a roaring lion of the new world.

Prime Minister Narendra Modi will provide a new line of action for BRICS to arrive at a sharp focus through his moral principles and role as a Vishwaguru of the world.

The world is expecting much from India as the BRICS chairman, which will change the profile of BRICS from a political forum to a development forum, from secret alliances to an open dialogue forum, from central leadership to decentralised leadership, and from a four-pillar voice to an 11-pillar divergent voice to accommodate the new world, which will be a real turning point in the evolution of BRICS as a development organisation.