India has officially assumed the BRICS chairmanship for 2026, setting the tone with the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” With New Delhi set to host the 18th BRICS Summit later this year, the focus is firmly on reshaping global financial and development frameworks.

One of the headline initiatives under India’s leadership is the push for an alternative global payment system. BRICS nations are exploring the linking of central bank digital currencies (CBDCs) to enable smoother cross-border trade and tourism, reducing dependence on the US dollar and the SWIFT network. Drawing from India’s success with UPI, the Reserve Bank of India has proposed an interoperable digital payments framework across BRICS members.

The expanded BRICS bloc now includes 11 full members — Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE — making it a powerful platform for emerging economies. Interest is also growing among partner countries such as Thailand, Vietnam and Malaysia, reflecting BRICS’ rising appeal as an alternative to Western-led institutions.

At the same time, India–Russia ties remain strong. Moscow has reiterated full support for India’s BRICS chairmanship, following the 23rd India-Russia Annual Summit in December 2025. Cooperation continues across defence, energy and trade, with ongoing military exercises like INDRA, joint defence projects, and the recent delivery of Russian stealth frigates to the Indian Navy.

Energy remains a key pillar, with Russia continuing as a major oil supplier to India. The Kremlin has said it has received no official communication from New Delhi on curbing oil imports, underlining the depth of the strategic partnership.

As BRICS explores gold reserve strategies, green finance and multilateral reforms, India’s leadership comes at a crucial moment. With a people-centric and inclusive approach, New Delhi aims to strengthen cooperation among emerging economies and amplify the Global South’s voice on the world stage.

Trinity Mirror Online Team