BRICS Summit 2026: How It Is Reshaping Global Economy

As India prepares to host the 18th BRICS Summit in New Delhi on September 12–13, the grouping is entering a phase in which its influence extends well beyond its original economic mandate. The expanded bloc is increasingly seeking a greater voice for emerging economies in global trade, finance, technology and international institutions.

India is chairing BRICS in 2026 under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with the summit scheduled at Bharat Mandapam. The agenda places economic cooperation, financial resilience, technology, sustainable development and reforms to global governance at the centre of discussions. 

From Economic Acronym to Global South Platform

BRICS began as an economic grouping of Brazil, Russia, India and China before South Africa joined, turning BRIC into BRICS. The bloc has since expanded further, bringing countries including Egypt, Ethiopia, Iran, Saudi Arabia and the UAE into its membership.

The expansion has significantly increased the geographic and economic weight of the grouping. It also means BRICS now represents a wider range of political systems, economic structures and foreign-policy interests.

That diversity is both the bloc's strength and its biggest challenge. India, China, Russia, Brazil and the newer members do not always share the same strategic priorities. As a result, BRICS is unlikely to function as a conventional political alliance.

Instead, its growing importance lies in providing emerging economies with another platform to negotiate economic and institutional issues collectively.

The Push for Local-Currency Trade

One of the most closely watched economic issues is the effort to increase the use of national currencies in cross-border trade.

BRICS finance ministers and central bank governors are discussing ways to make international payments more resilient, including greater use of local currencies. The objective is not necessarily to replace the US dollar overnight, but to reduce exposure to currency shocks and dependence on a limited number of international payment channels.

For India, the issue has practical significance because expanding trade in national currencies could potentially lower transaction costs and provide additional payment options for businesses.

However, creating a common BRICS currency remains a much more complicated proposition. Differences in monetary policy, exchange-rate regimes, capital controls and economic priorities make a single currency difficult to implement.

The more realistic near-term objective is therefore greater interoperability between existing national currencies and payment systems.

New Development Bank's Expanding Role

The New Development Bank (NDB) is another important part of BRICS' economic architecture.

Established to finance infrastructure and sustainable-development projects, the bank is now being discussed as a mechanism capable of mobilising more private capital for projects across emerging markets.

At the 2026 summit, discussions are expected to focus on improving the bank's ability to attract private investment, make projects more financially viable and expand development financing.

The NDB's future importance could therefore depend not only on how much it lends but also on whether it can bring institutional and private investors into infrastructure, energy and climate-related projects.

India Wants a More Practical BRICS

India's approach to BRICS in 2026 has increasingly emphasised practical cooperation rather than positioning the grouping simply as a counterweight to Western powers.

New Delhi's priorities include resilient supply chains, digital public infrastructure, fintech, artificial intelligence, sustainable development, energy cooperation and greater access to finance for developing economies. 

This approach reflects India's broader diplomatic strategy of maintaining relationships with multiple power centres while advocating a stronger voice for developing countries.

The objective is not necessarily to create a separate economic system, but to increase the negotiating space available to emerging economies within the existing global order.

BRICS and the Dollar Question

The debate over the dollar remains one of the most politically sensitive aspects of BRICS' economic agenda.

The bloc has repeatedly discussed increasing the use of local currencies and strengthening financial cooperation. But that should not automatically be interpreted as an imminent attempt to replace the dollar as the world's dominant reserve currency.

The dollar's global role is supported by the size and liquidity of US financial markets, the depth of its capital markets and its widespread use in international trade and finance.

For BRICS, a more achievable objective is diversification: giving member countries additional options for settlements, financing and reserves.

That distinction is important because the economic interests of BRICS members do not always align. Russia and some other members may favour a faster reduction in dollar dependence, while countries such as India have generally pursued a more calibrated approach.

Technology, Energy and Supply Chains

The economic transformation of BRICS is also increasingly linked to technology.

India's 2026 chairship places digital public infrastructure, emerging technologies, fintech and AI among its priorities. The bloc is also looking at resilient supply chains and cooperation in areas including energy and sustainable development.

For emerging economies, these areas are closely connected. Access to technology can improve productivity, digital payments can lower barriers to trade, and stronger supply chains can reduce vulnerability to geopolitical disruptions.

The challenge will be converting broad declarations into projects that produce measurable economic benefits.

Why the 2026 Summit Matters

The New Delhi summit comes at a time when global trade is being reshaped by geopolitical tensions, supply-chain disruptions, tariff disputes and changing patterns of investment.

BRICS' growing membership gives emerging economies a larger collective platform, but its internal differences mean that consensus will remain difficult.

India's central challenge is therefore to demonstrate that an expanded BRICS can deliver practical economic cooperation without becoming defined solely by opposition to the West.

If the grouping succeeds in expanding local-currency payments, strengthening the NDB, improving digital cooperation and advancing reforms of global financial institutions, it could gradually alter how emerging economies participate in the global economic system.

The transformation is unlikely to happen through a single BRICS currency or a sudden replacement of the dollar. It is more likely to occur incrementally — through alternative financing channels, diversified payment mechanisms, stronger South-South trade and a larger collective voice in global institutions.

That gradual shift may ultimately prove more consequential than any headline-grabbing declaration at the New Delhi summit.