BRICS Summit: Is Economic Self-Reliance Possible?

Source: Eenadu | Original Published At: 2026-09-11 19:51:33 UTC

Key Points

• BRICS is seeking greater economic and financial self-reliance, but the cost and responsibility for financing remain central issues for the Delhi summit.
• The Rio BRICS summit joint statement proposed multilateral guarantees to mobilize investment for infrastructure and sustainable development, with a pilot through the New Development Bank and no additional capital raising.
• BRICS leaders have asked for a report at the Delhi summit on the progress of the pilot, while India should seek clarity on financial responsibilities.
• Guarantees can help attract lenders, but they create contingent liabilities for guarantors and raise questions about how claims would be funded if projects fail.
• New Development Bank President Dilma Rousseff has described private capital mobilization as strategically urgent and has discussed a rupee bond program of about ₹25,000 crore over five years.
• Rupee-denominated lending can reduce exchange-rate risk for borrowers earning in rupees, but credible project design and disclosure of guarantee costs are needed.
• The article argues that BRICS must define the price of self-reliance, who pays it, and what public benefits borrowers receive.