Elephant, Dragon & Bear: Modi, Xi and Putin may converge at BRICS for a big power play

Source: The Economic Times | Original Published At: 2026-09-11 05:18:00 UTC

Key Points

• The 18th BRICS Leaders' Summit will open in New Delhi on September 12 under India's chairship, with Prime Minister Narendra Modi hosting President Xi Jinping and President Vladimir Putin.
• Xi's visit is his first trip to India since 2019; Modi is scheduled to meet Putin on September 11, and a Modi-Xi meeting is expected on the summit sidelines.
• India's BRICS 2026 priorities include resilient supply chains, cross-border payment systems, greater use of national currencies, digital trade, MSME development, energy security, climate resilience, and development finance through the New Development Bank.
• BRICS countries are discussing linking payment systems and interoperability of central bank digital currencies for trade settlement in national currencies, rather than a common BRICS currency.
• The Russia-India-China RIC format is expected to remain limited, with no formal trilateral seen as likely; Moscow has pushed for revival, Beijing is open, and India says a meeting would be worked out in a mutually convenient manner.
• The Modi-Putin bilateral is expected to cover defence, trade, nuclear energy, Su-57 technology transfer discussions, rare earth exploration, and possible new nuclear power plants.
• A Modi-Xi meeting may build on recent boundary talks and could focus on economic and people-to-people measures, while China's large delegation indicates an emphasis on business and economic ties.