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What is BRICS?
Before diving into why BRICS is important for India, let’s understand what BRICS is. BRICS is an international alliance of significant non-Western economies, comprising Brazil, Russia, India, China, and South Africa. In early 2024, four additional countries—Egypt, Ethiopia, Iran, and the United Arab Emirates—joined BRICS, expanding its influence to nearly half the world’s population, one-third of global GDP, and about 17% of world trade.
Originally established to provide an alternative to Western-dominated institutions like the World Bank and the International Monetary Fund (IMF), BRICS offers emerging economies a platform to promote their interests. The term “BRIC” was coined by Goldman Sachs in 2001, predicting that Brazil, Russia, India, and China would become economic powerhouses within decades. South Africa joined in 2011, transforming BRIC into BRICS.
In 2023, BRICS extended invitations to additional countries, including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. While four of these nations joined in 2024, Saudi Arabia postponed its membership, and Argentina opted not to proceed.
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Why BRICS Is Important for India?
India’s membership in BRICS holds several strategic advantages that underscore why BRICS is important for India. From economic opportunities to global advocacy, BRICS has become an invaluable platform for advancing India’s interests.
- Economic Growth and Opportunities
One reason why BRICS is important for India lies in its economic impact. BRICS countries together account for 42% of the world’s population, one-third of the global GDP, and around 17% of world trade. Being part of BRICS provides India with access to expanded economic opportunities in trade, investment, and infrastructure, allowing the country to leverage the combined strengths of emerging markets for mutual growth. - A Platform for International Reforms
India actively seeks seats in key global bodies like the United Nations Security Council (UNSC) and the Nuclear Suppliers Group (NSG), though China’s opposition often poses challenges. Why BRICS is important for India here is that it offers a unique platform to engage constructively with China on shared goals and potentially ease bilateral tensions, while garnering support from other BRICS nations for its international objectives. - Countering Terrorism
BRICS serves as a vital platform for India to amplify its anti-terrorism agenda globally. India consistently uses BRICS to advocate for strong measures against terrorism, rallying the group’s support in addressing global security threats. - Navigating Global Geopolitics
In a world where international politics is increasingly polarized, India must balance its strategic interests between the U.S. and the Russia-China alliance. BRICS provides a neutral forum for India, allowing it to maintain relations with both Russia and China and pursue an independent foreign policy amidst shifting global alliances. - Reform Global Governance
Through BRICS, India can push for reforms in global institutions like the IMF and World Bank, advocating for fairer representation for emerging economies. This is another reason why BRICS is important for India, aligning with the country’s vision of creating an inclusive global governance structure that prioritizes the interests of the Global South. - Cultural and Academic Exchange
BRICS also fosters collaboration in cultural and academic spheres, helping build people-to-people connections among member nations. These exchanges strengthen diplomatic ties and promote mutual understanding across diverse cultures.
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Why is the BRICS Summit 2024 Important?
The 2024 BRICS Summit, hosted in Russia, is significant for strengthening partnerships and addressing global challenges. Prime Minister Narendra Modi’s meeting with Russian President Vladimir Putin underscores India’s dedication to its longstanding partnership with Russia. As Russia faces growing Western pressure, this gathering highlights the strategic relevance of BRICS and why BRICS is important for India in maintaining balanced international diplomacy.
Modi may also meet with Chinese President Xi Jinping, providing an opportunity to address ongoing tensions over border issues. Iran’s President Masoud Pezeshkian, a significant figure in West Asian conflicts, will also attend, underscoring BRICS’ involvement in global issues.
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Ahead of the summit, PM Modi emphasized the importance of BRICS as a platform for tackling global development challenges, promoting economic cooperation, and enhancing cultural exchanges. With the recent addition of new members, BRICS has significantly increased its influence, adding momentum to its agenda for global good.
India aims to strengthen ties in trade, security, climate, and economic cooperation at the summit. Despite facing challenges, including differing views among members, BRICS remains an essential forum for India to champion a fairer world order and amplify the voices of developing nations.
Conclusion: A Strategic Asset for India
Understanding why BRICS is important for India reveals the alliance’s unique role in supporting India’s economic growth, global influence, and diplomatic balance. As a strategic asset in India’s foreign policy, BRICS offers a valuable forum for enhancing economic cooperation, advocating for global governance reforms, tackling terrorism, and balancing international relationships. The 2024 BRICS Summit stands as a landmark event, potentially driving further global cooperation and reinforcing India’s role as a leading voice among emerging economies.
