Why India’s New Vision for BRICS Matters for the Global South

From an investment acronym to a global power bloc, BRICS has come a long way. Its new identity—anchored in resilience, innovation, cooperation, and sustainability—signals a shift with huge implications for the Global South and beyond.

When BRIC was first coined by Goldman Sachs economist Jim O’Neill in 2001, it was merely an investment term describing the rising economies of Brazil, Russia, India, and China. By 2010, South Africa joined, transforming it into a political grouping - BRICS. Fast forward to 2024–25, and BRICS has expanded into a ten-member bloc, now including Egypt, Ethiopia, Indonesia, Iran, and the UAE. Together, these countries represent nearly half of humanity and a growing share of global GDP.

But what does BRICS really stand for today? At the 17th BRICS Summit in Rio de Janeiro (July 2025), Prime Minister Narendra Modi announced a redefinition:
“Building Resilience and Innovation for Cooperation and Sustainability.”

This new full form is more than a play on words—it reflects an attempt to reposition BRICS as a future-oriented coalition that not only challenges existing power structures but also delivers global public goods.

Resilience in a Fragmented World

The pandemic, the Russia–Ukraine conflict, and supply chain disruptions have highlighted just how vulnerable emerging economies are to global shocks. Energy insecurity, food price spikes, and volatile financial flows have become the new normal.

By foregrounding resilience, BRICS acknowledges that collective strength is essential. For India, resilience means not only cushioning its own economy from external shocks but also championing financial safety nets and cooperative mechanisms that reduce dependence on Western-led systems like the IMF or World Bank. The New Development Bank, created by BRICS, is a step in this direction but needs more robust resources and mandates.

Innovation as a Growth Engine

The word innovation signals a shift in BRICS’ identity. No longer is it just a club of resource-rich economies—it wants to be a driver of technological progress.

India plays a central role here. From its successful digital public infrastructure (like UPI and Aadhaar) to its leadership in renewable energy (International Solar Alliance, Green Hydrogen Mission), India provides templates that BRICS can adopt and scale. Beyond technology, innovation also applies to new models of trade settlements in local currencies, development financing, and collaborative research in AI and clean-tech.

In short, BRICS innovation is about shaping tomorrow’s rules of the game, not just playing catch-up with the West.

Cooperation Beyond Borders

The expanded BRICS is diverse—geographically, politically, and economically. India and China have border disputes, Russia faces Western sanctions, and Middle Eastern members like the UAE and Iran have their own regional priorities. Despite these divergences, cooperation is the glue that holds the grouping together.

The strength of cooperation lies in collective bargaining. BRICS has long advocated reform of global institutions such as the IMF, World Bank, and UN Security Council. With eleven members, its voice carries greater legitimacy. By putting cooperation at the centre of its new definition, BRICS signals that its future lies in finding common ground, even amid internal rivalries.

Sustainability for Global Leadership

As the world grapples with climate change, energy transition, and food insecurity, sustainability becomes an unavoidable priority. BRICS members are among both the largest emitters and the most climate-vulnerable nations. The new full form emphasizes their shared interest in pushing for fair climate finance, technology transfers, and a just transition for developing economies.

For India, this aligns neatly with its domestic commitments—net-zero by 2070, expanding renewable energy capacity, and promoting sustainable agriculture. By putting sustainability at the heart of BRICS, India ensures the bloc is not seen as a geopolitical spoiler, but as a constructive partner in global climate action.

De-dollarization and Strategic Importance

One of the most significant shifts under BRICS 2.0 is the growing push for de-dollarization. By promoting trade in local currencies and developing alternative payment systems, BRICS members seek to reduce reliance on the US dollar in global trade. This move not only insulates their economies from exchange-rate volatility and sanctions risk but also enhances strategic autonomy for the Global South.

For India, while cautious about a rapid shift, participation in this agenda underscores its commitment to a more multipolar financial system—one where emerging economies have greater say in setting the rules. In the long run, de-dollarization strengthens BRICS’ strategic weight, giving it leverage in negotiations with Western-led institutions and shaping the contours of global economic governance.

India’s Strategic Role

By introducing this new vision, India positions itself as a thought leader within BRICS. It seeks to balance China’s economic dominance and Russia’s geopolitical weight by steering the bloc towards issues where India has proven leadership—digital inclusion, innovation in development finance, and climate diplomacy.

The terms resilience, innovation, cooperation, and sustainability are carefully chosen. They project BRICS as a reformist and development-oriented coalition, not just an anti-West alliance. For India, this reframing is part of a broader strategy to amplify its role as the voice of the Global South.

The Road Ahead

The challenge now lies in turning this redefinition into tangible outcomes. Can BRICS: 

§  Expand the lending scope of the New Development Bank to meet development financing gaps? 

§  Develop digital cooperation frameworks inspired by India’s UPI model? 

§  Push for meaningful reform in global governance institutions?

§  Present a united front on de-dollarization and climate finance at COP 30 and beyond

If BRICS delivers on even some of these, it could emerge as more than just a symbol of multipolarity. It could become a genuine provider of global public goods.

Conclusion

The new BRICS full form—“Building Resilience and Innovation for Cooperation and Sustainability”—marks a turning point. It reflects the bloc’s aspiration to move beyond symbolism and become a platform that strengthens economic resilience, fosters technological innovation, deepens cooperation, drives sustainability, and reduces overdependence on the dollar.

For India, this is an opportunity to shape BRICS 2.0 as the institutional voice of the Global South. For the world, it is a reminder that the future of international cooperation will not be decided solely in Washington or Brussels—but increasingly in platforms like BRICS, where emerging powers set the agenda.