Article 3: BRICS: Emerging Pillar of a Multipolar World Order
Why in news: The two-day BRICS Summit in New Delhi will begin Saturday, focusing on food and energy security, healthcare, disaster resilience and critical supply chains amid geopolitical fragmentation.
Key Details
- Origin: BRICS began as BRIC—Brazil, Russia, India and China—and became BRICS after South Africa joined in 2010.
- Expansion: The grouping has expanded beyond its original five members, increasing its economic and geopolitical significance.
- Objectives: Promotes economic cooperation, development financing, trade, investment and reform of global governance institutions.
- New Development Bank: The NDB, headquartered in Shanghai, finances infrastructure and sustainable-development projects in developing countries.
- India’s Role: BRICS strengthens India’s strategic autonomy and Global South leadership while supporting a more multipolar international order.
About BRICS
- BRICS is a grouping of major emerging economies that seeks to strengthen cooperation in areas such as economics, trade, finance, development and global governance.
- The grouping originally comprised Brazil, Russia, India, China and South Africa, with subsequent expansion bringing in additional members.
- It represents an important platform for the Global South to articulate its interests in international institutions.
Objectives of BRICS
- Reform global governance: Promote greater representation of developing countries in institutions such as the UN, IMF and World Bank.
- Economic cooperation: Increase trade, investment and financial cooperation among member countries.
- Reduce financial dependence: Encourage greater use of local currencies and alternative financial mechanisms.
- Development cooperation: Promote infrastructure, technology, energy, agriculture and sustainable development.
- Strengthen Global South: Provide a collective voice on issues affecting developing and emerging economies.
Major Institutional Initiatives
- New Development Bank (NDB): Established to finance infrastructure and sustainable-development projects in member and other developing countries.
- Contingent Reserve Arrangement (CRA): Provides a financial safety mechanism to address short-term balance-of-payments pressures.
- BRICS Business Council: Promotes commercial cooperation and private-sector engagement.
- People-to-people cooperation: Increasing collaboration in education, science, culture, health and technology.
Significance for India
- Strategic autonomy: BRICS supports India’s preference for a multipolar international order and diversified diplomatic partnerships.
- Global South leadership: It provides India with a platform to raise concerns of developing countries on issues such as climate finance, food security and development.
- Economic opportunities: Greater intra-BRICS trade and investment can expand markets for Indian businesses.
- Reform of global institutions: India can use the platform to advocate reforms of the UN Security Council and international financial institutions.
- Balancing major powers: BRICS enables India to engage with China and Russia while simultaneously maintaining partnerships with the U.S., Europe, Japan and other countries.
Challenges and Way Forward
- China-India tensions: Strategic rivalry between major members can constrain consensus.
- Diverse interests: Members differ significantly in their political systems, economic structures and foreign-policy priorities.
- Expansion challenges: A larger membership increases the grouping’s global weight but can make decision-making and consensus-building more difficult.
- Limited institutionalisation: BRICS remains less institutionalised than organisations such as the EU or NATO.
- Way forward: BRICS should focus on practical economic cooperation, development financing, reform of global institutions and constructive dialogue, rather than becoming an explicitly anti-Western bloc.
Conclusion
BRICS reflects the shifting distribution of global economic and political power and the growing demand for a more representative international order. For India, it is valuable not as an alternative to existing partnerships but as an instrument of strategic autonomy, Global South diplomacy and multipolarity. Its long-term relevance will depend on whether its diverse members can convert political aspirations into concrete economic and developmental outcomes.
Descriptive question:
In the context of growing geopolitical fragmentation, examine how BRICS can strengthen cooperation in food and energy security, health, disaster resilience and critical supply chains (250 words, 15 marks)
Source: The Indian Express