As India prepares to assume the leadership of BRICS in 2026, the bloc is solidifying its position as a major force on the world stage. Coinciding with a period of increasing geopolitical friction, US policies have inadvertently fostered a stronger alliance among India, Russia, and China within the BRICS framework. This strengthening of ties underscores the bloc’s growing strategic significance, a fact acknowledged by US President Donald Trump’s earlier threats of substantial tariffs.
The BRICS nations are placing a strategic emphasis on agricultural cooperation, viewing food security as a paramount concern for the Global South. Collaborative initiatives are being launched across agricultural trade, technology transfer, climate-smart farming practices, and the enhancement of food value chains. This unified focus on food security is expected to become a significant factor in global economic discussions by 2026.
The economic and resource leverage of the BRICS coalition is substantial. In 2024, BRICS nations were responsible for an estimated 42% of the world’s oil production, demonstrating their critical role in the global energy supply. Their collective holdings of gold reserves are also significant, standing at approximately 20% of the global total, with China and Russia being major contributors. Economically, the bloc accounts for roughly 29% of the world’s GDP, driven by the economic dynamism of its member states and the integration of new members, which has amplified its financial power.
India has taken a landmark step by officially sanctioning the use of the Indian rupee for 100% of trade with other BRICS nations. This policy, introduced in August, aims to bypass the US dollar and strengthen intra-BRICS economic ties. The Reserve Bank of India’s streamlined process for opening dedicated vostro accounts is expected to facilitate seamless rupee-based transactions, potentially accelerating a global shift away from dollar dominance.
Beyond trade, BRICS countries are actively advancing the development of an independent payment system designed to operate outside the influence of the US dollar. This initiative is identified as a critical strategic objective, with momentum building under Brazil’s current leadership. The pursuit of financial self-sufficiency by BRICS nations is a development closely watched by global financial powers. Concurrently, India continues to import substantial quantities of Russian oil, leveraging discounted prices from non-sanctioned sources, illustrating the resilience of their bilateral energy partnership and its potential to significantly impact global oil flows, with imports aiming for one million barrels daily.
