Source: India Today | Original Published At: 2026-09-02 15:10:28 UTC
Key Points
- The article reports that India will host the BRICS summit at Bharat Mandapam on September 12–13.
- Citing the IMF's April 2026 World Economic Outlook, it puts combined BRICS purchasing-power-adjusted output at $88 trillion, compared with $62 trillion for the G7.
- The comparison reverses in nominal US-dollar terms, with the article citing an IMF projection that the G7 will retain a roughly $21 trillion lead in 2031.
- According to trade data cited in the article, Russia accounted for 40 percent of India's petroleum import spending in June 2026.
- The article identifies a proposed ceiling for oil prices in trades between members and wider use of rupee payments for Russian crude as subjects discussed by BRICS foreign ministers in May.
- It quotes India's external affairs minister emphasizing safe maritime passage through the Strait of Hormuz and the Red Sea.