By: Dr. Avi Verma

New Delhi is preparing to welcome the world. On September 12–13, India will host the 18th BRICS Summit, bringing together leaders of BRICS member and partner countries and outreach invitees. For India, this is more than another diplomatic gathering. It is an opportunity to present a vision of a changing world—one that is more balanced, inclusive, technologically capable and responsive to the aspirations of the Global South.

India assumed the BRICS Chairship on January 1, 2026, for the fourth time, following its earlier chairships in 2012, 2016 and 2021. This year also marks two decades since BRICS was established as a formal grouping.

India has chosen an ambitious theme: “Building for Resilience, Innovation, Cooperation and Sustainability.” At its heart is the principle of “Humanity First” and a people-centric vision. India has used its chairship to take BRICS beyond summit diplomacy, with hundreds of meetings and engagements across India.

This is India’s moment—not to dominate the world, but to help shape the conversation about what the next global order should look like.

From BRIC to a global platform

BRICS began as BRIC—Brazil, Russia, India and China—with South Africa joining in 2010. The grouping has since expanded, adding Egypt, Ethiopia, Iran and the UAE in 2024, followed by Indonesia in 2025.

Today, BRICS comprises 11 members and represents nearly half the world’s population, about 40% of global GDP and roughly a quarter of global trade.

These numbers explain why BRICS can no longer be dismissed as simply an emerging-economy forum.

Its greatest potential, however, lies not only in economic weight but in its ability to bring together countries with different political systems, histories, cultures and economic models around common interests.

That diversity is both BRICS’ greatest strength and its greatest challenge.

Cooperation without confrontation

India has traditionally resisted turning BRICS into an anti-Western alliance. That distinction matters.

The objective should not be to replace one form of global dominance with another. The world does not need a new bloc mentality. It needs greater balance.

India’s tradition of strategic autonomy gives it a distinctive position. New Delhi maintains important relationships with the United States, Europe, Russia, Japan, the Gulf and the wider Global South. India can therefore argue for reform of the international system without advocating its destruction.

The message should be straightforward:

Cooperation does not require uniformity. Partnership does not require political alignment. And a multipolar world does not have to become a divided world.

The currency question

One question, however, deserves serious consideration:

Should BRICS create its own currency—or at least a common BRICS settlement system?

BRICS countries have increasingly discussed reducing dependence on the U.S. dollar in bilateral trade. But creating a common currency comparable to the euro would be extraordinarily complicated. Member countries have different inflation rates, interest-rate policies, fiscal positions, exchange-rate systems and levels of economic development.

A more practical first step could be a BRICS settlement currency or common unit of account for cross-border trade, potentially backed by a basket of participating currencies and other agreed assets.

Such a system could allow member countries to settle more trade without every transaction passing through the dollar.

This would not mean abandoning the dollar. It would mean creating another option.

The dollar’s global position will not disappear overnight. It is supported by the size and liquidity of U.S. financial markets, Treasury markets, global investment flows and decades of established financial infrastructure.

The more realistic question is therefore not, “Can BRICS replace the dollar?”

It is:

“Can BRICS create a credible alternative alongside the dollar?”

That is a far more achievable—and potentially transformative—objective.

India can build the bridge

India is uniquely positioned to promote a gradual approach:

Local currencies → interoperable payment systems → common settlement mechanisms → common unit of account → and, if economic conditions permit, perhaps a BRICS currency in the future.

India’s experience with digital public infrastructure, instant payments, fintech and digital identity provides a powerful model for making cross-border transactions faster and less expensive.

Innovation should therefore mean more than artificial intelligence, advanced manufacturing or space technology. It should also mean rethinking how nations trade, pay, invest and cooperate.

BRICS must deliver for people

For India, BRICS cannot become an exercise in geopolitical symbolism.

Its success should ultimately be measured by tangible benefits: stronger food and health security, affordable medicines, cooperation in artificial intelligence and agriculture, resilient supply chains, educational and research partnerships, clean-energy technology and greater opportunities for entrepreneurs and businesses.

That people-centric emphasis may be India’s most important contribution.

India’s moment to shine