Voice to capital: What India’s Brics summit leaves behind

Source: Livemint | Original Published At: 2026-09-15 11:04:01 UTC

Key Points

• The article evaluates India’s BRICS presidency and the New Delhi Declaration’s focus on climate finance, local-currency lending and private capital.
• It highlights the BRICS Multilateral Guarantees initiative as a mechanism that can reduce risk and make emerging-market projects more investable.
• It says the New Development Bank’s value should be judged by additionality, including longer maturities, risk guarantees, blended finance and attracting new institutional or foreign investors.
• It warns that local-currency issuance alone may crowd out domestic issuers if it does not deepen markets or bring additional capital.
• It calls for greater interoperability among BRICS green and transition-finance frameworks through shared principles and more comparable disclosure.
• It frames the declaration as a beginning, with China’s 2027 presidency needing to show whether BRICS initiatives can generate genuinely additional finance.