BRICS 2024: India Leads the Charge in Global Multilateral Diplomacy

Prime Minister Narendra Modi’s participation in the 16th BRICS summit, scheduled to be held in Kazan, Russia, is a defining moment in his third term. This will mark his second visit to Russia and his tenth international trip, highlighting India’s proactive global engagement. Of these ten trips, eight focused on nations in Eastern and Central Europe, as well as East Asia, while the remaining two were to Italy for the G7 summit and the USA for the QUAD summit.

These diplomatic visits underline India’s growing stature as a vital bridge between East and West, positioning the country as an essential player in global geopolitics.

PM Modi’s strategic international engagements go beyond bilateral diplomacy—they reinforce India’s commitment to fostering cooperation among the world’s major powers. As India assumes a more prominent role, it emerges as a key force in shaping a more interconnected and cooperative world order.

The Genesis of BRICS: A New Power Bloc

The origins of BRICS can be traced back to a 2001 report by Goldman Sachs Economic Research, which identified Brazil, Russia, India, and China as the future engines of global economic growth. These four nations were collectively termed as "BRIC" nations. In 2006, leaders from these countries convened on the side-lines of the G8 outreach summit, marking the birth of a bloc that aimed to create a more balanced global economic structure.

In 2010, South Africa officially joined the group, transforming BRIC into BRICS. By 2023, over 40 countries had expressed interest in joining, with countries such as Iran, Egypt, Ethiopia, and the UAE set to join by 2024, forming what is being termed "BRICS+." This year’s summit is particularly significant as it marks the first time in 14 years that new members will be added. Amid the ongoing geopolitical challenges, BRICS is increasingly seen as a formidable grouping that commands global attention.

The Strength of BRICS: A Global Powerhouse

The strength of BRICS lies in its diverse yet powerful composition. With major global powers like China and Russia, along with influential regional players such as India, Brazil, and South Africa, BRICS represents a substantial portion of the world. The bloc is home to over 40% of the global population and accounts for 25% of the global economy.

With the inclusion of Iran and the UAE, BRICS will represent a significant chunk of the world’s crude oil production. If Saudi Arabia, a potential candidate, joins in the future, BRICS could control up to 44% of global crude oil output. Russian President Vladimir Putin has highlighted the economic prowess of the group, noting that the combined GDP of BRICS nations now exceeds $60 trillion, surpassing the combined GDP of the G7 countries.

BRICS now holds a commanding position in the global economic order, accounting for 37.4% of the world’s GDP, while the G7 contributes 29.3%. This underscores the transformation of BRICS from a bloc of emerging economies into a global leadership force that is reshaping international economic and geopolitical dynamics.

BRICS as an Alternative Global Framework

BRICS serves as an essential platform that challenges the dominance of traditional Western-led economic structures. One of its key achievements has been the establishment of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), both of which serve as alternatives to the World Bank and the International Monetary Fund (IMF). The NDB has approved over $30 billion for 96 projects, with a strong focus on climate-smart, disaster-resilient, technology-integrated, and socially inclusive projects.

A major goal for BRICS has been reducing the reliance on the US dollar for global trade, a priority that has become increasingly relevant given the sanctions imposed on countries like Russia and Iran. The bloc’s stance on global financial independence is expected to dominate discussions during the 2024 summit.

In the geopolitical realm, BRICS has maintained a cautious stance on conflicts like the Russia-Ukraine war. Instead of taking a unified position that could alienate any of its members, the bloc has emphasized dialogue and negotiation as the path to conflict resolution. This measured approach highlights BRICS’ desire to promote peace without compromising its internal unity.

Empowering the Global South

BRICS is pivotal for the Global South, amplifying the voices of emerging economies and providing a platform to collaborate on common challenges such as economic development, climate change, and social justice. It enables countries from the Global South to assert their influence, challenging the traditional power structures dominated by Western nations. The bloc fosters cooperation that promotes sustainable development and social equity, contributing to a more balanced international order.

PM Modi’s statement, “India wants a world order that ensures inclusive development of all, especially the global south,” echoes BRICS’ larger mission. The platform is a key vehicle for driving this vision forward.

India's Key Role in BRICS

As a founding member, India plays a central role in BRICS' evolution. In a world grappling with political instability, economic challenges, and conflicts involving key members like Russia, Iran, and China, India has emerged as a stabilizing force. Prime Minister Modi's leadership at various forums—ranging from the G7 to the QUAD and the SCO—underscores India’s pivotal role in multilateral cooperation.

The 2024 BRICS summit provides India with another opportunity to lead by example. As the bloc expands with new members and initiatives, India is positioned to act as a bridge between the global East and West. Its unique geopolitical location and its rich cultural diversity make it an ideal candidate to foster dialogue, collaboration, and mutual growth.

Through its diplomatic efforts, India advocates for multilateralism and collective action in addressing pressing global issues like climate change, trade, and security. At the helm of BRICS 2024, India will champion cooperation and solidify its leadership on the global stage.

Conclusion

The 2024 BRICS summit will be a landmark moment for multilateral diplomacy, with India taking center stage. Under PM Modi’s leadership, the nation continues to strengthen its role as a key player in global diplomacy, bridging East and West while promoting collaboration on pressing global issues. As BRICS welcomes new members and expands its influence, its potential to reshape the global order grows ever more significant. This summit will further establish India as a leading voice in multilateral cooperation and global governance.