Info Nugget

 What is BRICS?

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BRICS is an acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. Originally formed as BRIC (without South Africa), the grouping represents a significant global force in terms of population, economy, and political influence.

Founding and evolution

Formation (BRIC): The term was coined in 2001 by economist Jim O'Neill (Goldman Sachs), but the first official summit was held in 2009 (Yekaterinburg, Russia).

South Africa joined in 2010, making it BRICS.

Objectives 

• Promote peace, security, and development in member countries and the Global South
• Reform global governance institutions like the UN, World Bank, and IMF to reflect modern realities
• Encourage economic cooperation, trade, and sustainable development
• Foster a multipolar world order—challenging the dominance of Western-led institutions

Summits held so far

• As of 2024, 15 BRICS Summits have been held
• 16th BRICS Summit is expected in 2025, under the Russian presidency
• Each summit discusses economic cooperation, global security, climate change, and institutional reforms

India’s position in BRICS

India is a founding member and a strong voice for the Global South within BRICS.

Key Indian contributions

• Creation of the New Development Bank (NDB), headquartered in Shanghai, but its first regional office was set up in Johannesburg; India has been a significant contributor
• Advocates for UN reforms, counter-terrorism, and inclusive development
• Hosted the 8th Summit (Goa, 2016) and actively engages in BRICS+ outreach with developing countries

Role in international relations and geopolitics

Strengths

• Represents over 40% of the world’s population and 25% of global GDP
• Offers a platform outside Western alliances (like G7, NATO) for cooperation
• Launch of New Development Bank (2015) and Contingent Reserve Arrangement (CRA) as alternatives to IMF/World Bank
• Increasing cooperation in digital economy, climate finance, energy, space, and education

Limitations

• Diverse political systems, differing national interests
• India-China tensions, especially post-Galwan clash (2020), impact unity
• Lack of institutional depth compared to EU or ASEAN
• Expansion to include new members (like Egypt, Iran, UAE in 2024) may dilute focus or create internal imbalance

Conclusion

BRICS is evolving from a loose economic group to a strategic geopolitical platform. While challenges persist, especially due to geopolitical rivalries, the bloc’s growing importance in shaping a multipolar world, reforming global governance, and voicing the concerns of the Global South is undeniable.

Analytical questions for Civil Services Mains

1. Critically evaluate the significance of BRICS in creating a multipolar world order.
2. How does India balance its role in BRICS alongside its growing partnership with Western alliances like QUAD and G20?
3. Discuss the potential and pitfalls of expanding BRICS membership.
4. Examine the role of BRICS in reforming global financial and political institutions.
5. To what extent can BRICS serve as an effective platform for South-South cooperation?