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BRICS Summit: India to champion development issues, no push for common currency

BRICS Summit: India to champion development issues, no push for common currency
Countries
BrazilChinaIndiaRussiaSouth Africa
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional DevelopmentSustainable Development

Source: The Hindu Business Line | Original Published At: 2026-08-12 15:16:41 UTC

Key Points

  • India will host the BRICS Summit in New Delhi on September 12-13, with a focus on the priorities of developing and emerging economies.
  • Chinese President Xi Jinping, Russian President Vladimir Putin, and South African President Cyril Ramaphosa are among the leaders likely to attend.
  • Brazilian President Luiz Inácio Lula da Silva is expected to skip the summit due to elections in Brazil.
  • The summit is expected to strengthen the New Development Bank's role in mobilizing development finance and supporting infrastructure and sustainable development.
  • The NDB has approved 139 development projects with total financing of about $42.9 billion, and its functioning is expected to be reviewed.
  • A common BRICS currency is unlikely to gain traction, though local currency use in cross-border trade and payments may be discussed.
  • India assumed the BRICS chairmanship on January 1, 2026, and China is expected to take over as chair in 2027.
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