BRICS

The 2026 New Delhi Declaration (140-point document adopted Sep 12, 2026) included all 11 BRICS members — including China and Russia, who hold UN Security Council veto power — explicitly reiterating support for India and Brazil becoming permanent members of the UN Security Council. This is a significant diplomatic outcome of India's BRICS chairship: China has historically been ambiguous or opposed to India's UNSC bid given border tensions. The declaration also had all 11 members condemn the April 22, 2025 Pahalgam terror attack (which killed 26 civilians), a rare multilateral consensus on India-specific terrorism. UN Security Council reform requiring 2/3 majority in UNGA remains a long-term goal — no specific timeline was set at the summit.

BRICS expanded from 5 (Brazil, Russia, India, China, South Africa) to 10 at the Johannesburg Summit (Aug 2023) and then 11 when Indonesia joined in January 2025. As of the 2026 New Delhi Summit (Sep 12-13), BRICS has 11 full members and 10 partner countries (Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, Vietnam). Saudi Arabia's full membership ratification remained complex. The bloc represents ~49.5% of global population, ~40% of global GDP (PPP), and ~26% of global trade. India chaired the 18th BRICS Summit in New Delhi under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'. Key outcomes: New Delhi Declaration (140 points), BRICS Pay launch, NDB expansion, China and Russia explicitly backing India's UNSC permanent membership bid, and all 11 members condemning the April 2025 Pahalgam terror attack.

India's RBI led technical coordination for BRICS Pay — a blockchain-based cross-border payment and messaging system supporting settlement in 23 currencies including the rupee, yuan, ruble, real, and dirham. BRICS Pay was formally launched at the New Delhi Summit (Sep 2026), linking 75 countries. Intra-BRICS local currency trade share surged from ~20% before 2022 to 67%+ in early 2026 — driven by the Russia-West financial sanctions forcing rapid de-dollarisation within the bloc. The 2026 New Delhi Declaration backed interoperability of payment and messaging systems and faster cross-border settlements. India opposed a single BRICS currency (backed by China/Russia), preferring bilateral local-currency settlement — the final framework reflects India's position.

The New Development Bank (NDB), headquartered in Shanghai, was established by BRICS in 2015 as an alternative to the World Bank and IMF. India is a founding shareholder. As of the 2026 New Delhi Summit, NDB has approved $32 billion+ across 96 projects globally. India is the single largest recipient: 32 projects worth $9.5 billion covering metro rail, highways, urban infrastructure, renewable energy, and water supply. NDB's local-currency lending stands at ~22% vs. a 30% target. India ratifies NDB loans in rupees, reducing currency risk. Key India projects funded: Mumbai Metro Lines 2A/2B/7, Nagpur Metro, Pune Ring Road, Kaleshwaram Irrigation Project.