BRICS by BRICS: India's global balancing act

New Delhi is gearing up to host the BRICS Summit, where India is showcasing its evolution from demanding a greater voice to actively shaping global order through indigenous, scalable solutions. Since its 2012 Chairmanship amid Eurozone debt crisis to 2016 amid Brexit uncertainties, India consistently advocates for a more representative international financial architecture.

This led to the establishment of institutions such as the New Development Bank (NDB) and the Contingent Reserve Agreement (CRA), as well as India's first green bond issuance in renminbi.

However, the year 2021 brought a different global crisis: the COVID-19 pandemic. India rejected vaccine weaponization and instead promoted vaccine diplomacy by sharing open-source digital health repositories with developing nations. This shifted India's position from being a beneficiary to a provider of solutions.

In 2026, as India assumes the BRICS presidency with the theme Building for Resilience, Innovation, Cooperation, and Sustainability, it aims to amplify the voice of emerging economies and the Global South. Speaking to ANI, Sameep Shastri, Chairman of the BRICS Chamber of Commerce and Industry (BRICS CCI), highlighted India's domestic economic evolution.

Initially, the focus was on gaining a greater voice in global financial institutions, but as BRICS evolved, the conversation shifted towards creating mechanisms of its own. Today, India brings experience in digital payments, financial inclusion, startups, renewable energy, and supply chain resilience.

India's Digital Public Infrastructure (DPI), led by the Unified Payments Interface (UPI), demonstrates how technology can bring millions into the formal digital economy. Shastri emphasized that India's experience in financial inclusion, MSMEs, renewable energy, and affordable healthcare, developed in response to real challenges faced by a massive, diverse population, should be shared.

However, he cautioned against a one-size-fits-all approach and stressed the importance of adapting technology to each country's requirements.

Regarding the push toward local currency settlements among BRICS members, Shastri acknowledged its importance but stressed that market viability must dictate policy implementation. He highlighted the need for better payment connectivity and interoperability between payment systems to make trade settlements easier. Ultimately, the objective is to create greater choice and resilience in international trade, rather than replacing existing systems.