2 weeks ago
BRICS Summit: India Champions Development Issues, No Currency Push
Some big countries are in a club called BRICS.
India is the leader of the club this year.
India is hosting a big meeting in New Delhi on September 12 and 13.
Leaders from China, Russia, and South Africa are expected to come.
Brazil's leader probably won't come because his country is holding elections.
At the meeting, they will talk about helping countries that are still growing and developing.
They will also talk about their shared bank, which has helped pay for 139 projects around the world.
Some people thought the club might make its own money, but that probably won't happen now.
India will lead the club until next year, when China takes over.
India is hosting the BRICS Summit in New Delhi on September 12-13, 2026.
Xi Jinping, Vladimir Putin and Cyril Ramaphosa are expected to attend; Brazil's President Lula da Silva is likely to skip due to elections.
About 27 invitees excluding India, including 10 BRICS members and 10 partner countries, are expected.
The agenda prioritises development finance, including the New Development Bank, which has approved 139 projects worth about $42.9 billion.
A common BRICS currency is unlikely to gain traction, though some members may push for greater local currency use in trade.
- Who
- Leaders including China's Xi Jinping, Russia's Vladimir Putin and South Africa's Cyril Ramaphosa are expected to attend; about 27 invitees in total are expected, while Brazil's President Lula da Silva will likely skip due to elections.
- What
- A BRICS Summit hosted by India, focused on development issues of emerging economies, with little push expected for a common currency.
- Where
- New Delhi, India.
- When
- September 12-13, 2026.
- Why
- To put the concerns and priorities of developing and emerging economies at the centre of the agenda and strengthen the grouping's development finance architecture.
Advocates of de-dollarisation
Advocates of the status quo
Common currency and local currency use
Advocates of de-dollarisation
Some BRICS members want to promote greater use of local currencies in cross-border trade and payments and flag broader de-dollarisation concerns.
Advocates of the status quo
Proposals for a common BRICS currency are unlikely to gain traction, as the idea has not been the subject of significant deliberations within the grouping.
Key facts
- Event
- BRICS Summit
- Host
- India (New Delhi)
- Dates
- September 12-13, 2026
- Expected invitees
- About 27 excluding India (10 BRICS members, 10 partner countries, 5 outreach countries, institutions)
- BRICS chairmanship
- India since January 1, 2026; China to take over in 2027
- New Development Bank
- 139 approved projects, about $42.9 billion in total financing
- Common currency
- Proposals unlikely to find traction
Sources
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