Context: The 2026 BRICS Summit is scheduled to be held in New Delhi, providing an opportunity to expand cooperation among major emerging economies.
- BRICS has evolved from a grouping focused primarily on emerging economies into a broader platform for economic, financial, political and people-to-people cooperation.
- Its growing demographic and economic weight gives it increasing significance in global governance and the world economy.
Evolution of BRICS
- The concept of “BRIC” was proposed by Goldman Sachs economist Jim O’Neill in 2001, referring to Brazil, Russia, India and China.
- The four countries held their first high-level ministerial meeting in 2006 and the first BRIC summit in 2009.
- South Africa joined in December 2010, transforming BRIC into BRICS.
- The grouping has subsequently expanded into BRICS+, comprising 11 member countries and 10 partner countries, according to the article.
Growing Global Economic Weight
- BRICS countries account for around 45% of the world's population, while BRICS+ represents around 55%.
- Collectively, BRICS+ economies are approaching 35–45% of global GDP on a Purchasing Power Parity (PPP) basis and exceed $30 trillion in nominal GDP.
- Their large population, markets and economic weight give BRICS+ a significant collective voice in global economic affairs.
- International projections cited in the article suggest that BRICS+ could grow nearly three times faster than the G7 by 2028, strengthening its position as an important growth centre.
Purchasing Power Parity (PPP)
- PPP compares economies based on the relative purchasing power of their currencies, allowing better comparison of the actual volume of goods and services produced.
- Nominal GDP, in contrast, converts GDP using prevailing market exchange rates; hence an economy's relative size can differ substantially under the two measures.
Growing International Interest
- Countries such as Argentina, Algeria and Türkiye have expressed interest in joining BRICS.
- The expanding interest indicates that BRICS is increasingly viewed as a platform for dialogue, economic cooperation and greater representation of emerging economies.
India’s 2026 BRICS Priorities
- India’s 2026 BRICS agenda focuses on four broad priorities:
- Resilience
- Innovation
- Cooperation
- Sustainability
- These priorities are intended to strengthen the three major pillars of BRICS:
- Political and security cooperation
- Economic and financial partnership
- Cultural and people-to-people exchanges
- China has expressed support for India’s leadership of the 2026 BRICS Summit.
India–China: Scope for Cooperation
- India and China are among the world's largest economies in PPP terms, ranking first and third respectively according to the article.
- Their combined population accounts for around 35% of the global population, giving bilateral relations significance beyond the two countries.
- Both countries are at important stages of national development and therefore have substantial potential for economic cooperation and shared growth.
- Recent resumption of direct flights and increasing exchanges among sister cities, universities and businesses indicate some revival of bilateral engagement.
Why India–China Cooperation Matters Globally
- Greater economic cooperation between India and China could contribute not only to bilateral prosperity but also to regional and global economic growth.
- Their combined economies constitute a significant share of global output—around 28% on a PPP basis and about 20% in nominal terms, according to the article.
- Given their scale, both countries are likely to remain important engines of global economic growth in the coming years.
- Conversely, prolonged confrontation between two major economies can create a lose-lose outcome, affecting regional stability, trade and global growth.
Panchsheel and People-to-People Relations
- India and China have historically promoted the Five Principles of Peaceful Coexistence (Panchsheel), centred on principles such as mutual respect for sovereignty, non-aggression and peaceful coexistence.
- Greater interaction among young people, universities, businesses and cities can create sustained societal linkages and potentially strengthen long-term bilateral relations.
- The article argues that India's and China's large youth populations can increasingly serve as bridges between the two societies.
Significance of BRICS
- BRICS provides emerging economies with a platform to pursue greater voice in global economic and political governance.
- Its growing membership and economic weight contribute to the broader debate over reform of global institutions and a more representative international order.
- For India, BRICS offers a mechanism to simultaneously pursue strategic autonomy, economic cooperation, Global South outreach and engagement with major powers.
