BRICS: Battle for Financial Credibility

Source: Hindustan Times | Original Published At: 2026-09-11 04:53:56 UTC

Key Points

• India is set to host the 18th BRICS Summit on September 12–13, 2026, under the theme Building for Resilience, Innovation, Cooperation, and Sustainability.
• The article argues that BRICS should focus on practical financial frameworks rather than announcements about a new currency or direct challenges to the dollar.
• BRICS financial cooperation can rely on payment interoperability, greater use of local currencies, and the New Development Bank as alternatives to existing financial infrastructure.
• The 2025 BRICS declaration supports a cross-border payments program and improved compatibility among member states’ payment systems.
• India’s UPI experience and Reserve Bank of India efforts on central bank digital currencies may inform BRICS interoperability initiatives.
• The New Development Bank has approved $42.9 billion across 139 projects by December 2022, but needs greater capital mobilization, local-currency lending, co-financing, and cooperation with other development banks.
• BRICS expansion increases representation of the Global South but also complicates consensus due to differing economic structures, monetary systems, and geopolitical interests.