Prime Minister Modi, as chairman of BRICS for 2026, conducted and concluded the 18th Summit with aplomb and great success. Against all expectations, a joint Delhi Declaration, with both Iran and the UAE concurring, was agreed upon, signed by all and publicised. India’s great success was in bringing together countries that are adversaries to work together on common interests. While no conflicts were resolved (and the war in Ukraine was not even mentioned), the members called for dialogue and restraint, protection of civilians and civilian infrastructure, and the free flow of trade and energy. The leaders also agreed upon cooperation on economic and development matters. (Ironically, for India, neither of its two immediate neighbours, Pakistan or Bangladesh, was part of the gathering! And the Modi government would do well to apply its declarations to all our South Asian neighbours.)
Many question the value of the BRICS gathering. The countries in the group do not share common economic systems, nor have common foreign policies or common adversaries. And while many don’t share common views on the West or Russia or China, BRICS, to a large extent, represents the Global South. And all of them want a greater role in global governance and decision-making. Interestingly, however, it is the one global organisation that more and more countries wish to join.
But as pointed out by many, BRICS represents approximately 49 per cent of the world’s population and nearly 40 per cent of global GDP. Intra-bloc trade has grown thirteen-fold over the past 20 years, from $84 billion in 2003 to $1.17 trillion in 2024. Nonetheless, BRICS accounted for $5.7 trillion of the world’s exports (approximately 21 per cent). The potential for growth and development, with cooperation amongst BRICS countries, is huge. The BRICS Summit, along with the smaller specialist meetings throughout the year, is a useful forum to discuss and develop regional and interregional links around trade, development and public services.
BRICS in India also provided a safe space for countries to mingle and exchange ideas without becoming an anti-US or anti-West forum. And while there was a focus on the use of local currencies, there was no de-dollarisation push. Nor was there any sabre-rattling by the US at the BRICS gathering. In fact, by the end of the year, India hopes to wrap up the India-EU free trade treaty and Modi will be a participant in the G20 meet in Florida. Such plurilateralism is the way for India.
Also in this issue, in our special report, we focus not just on the long-awaited IPO of the NSE, but also on the transformative role it has played in India’s capital markets. And in a relatively short period of time, it has taken its place amongst the top markets of the world.