India’s BRICS Presidency and Economic Rise Challenge Global Order
Cooperation areas
Source: नवभारत टाइम्स | Original Published At: 2026-01-01 04:21:47 UTC
Key Points
- India assumes BRICS presidency in 2026 while surpassing Japan as the world's 4th largest economy
- BRICS countries now account for 29% of global GDP and 42% of oil production according to 2024 data
- India authorizes 100% trade with BRICS nations in Indian rupees through new Vostro account mechanisms
- Russia-China-India cooperation strengthens alternative payment systems challenging US dollar dominance
- India becomes third-largest crude oil importer, maintaining stable Russian oil imports despite US sanctions