BRICS expands to ten members, India's exports surge 48.8%
GS2Polity · Governance · IR· Regional & global groupings (QUAD, BRICS, SCO, G20...)· Prelims + Mains·
Global South and multipolar economic order: a key GS2 International Relations case study.
Why in news
India is set to host the BRICS summit in New Delhi on September 12-13, 2026, highlighting a significant surge in India's exports to the expanded ten-member bloc.
Background
The expanded BRICS bloc now accounts for approximately 49% of the world's population and 40% of global GDP on a purchasing power parity basis. India's exports to BRICS countries rose by 48.8%, increasing from USD 64.3 billion to USD 95.7 billion.
Facts for Prelims
- FactBRICS accounts for 49% of the world's population and 40% of global GDP (PPP).
- FactIndia's exports to BRICS rose from USD 64.3 billion to USD 95.7 billion.
- BodyNew Development Bank (NDB) was established by BRICS to finance infrastructure and development projects.
- PlaceThe first BRICS summit took place in Yekaterinburg, Russia, in 2009.
- PostJim O'Neill, a Goldman Sachs economist, coined the term BRIC in 2001.
Prelims practice question
Which institution was established by the BRICS nations to finance infrastructure and development projects?
- (a)Asian Infrastructure Investment Bank
- (b)International Monetary Fund
- (c)World Bank
- (d)New Development Bank
Show answer
Answer: (d) New Development Bank — The New Development Bank (NDB) was established by BRICS to finance infrastructure and development projects.
For Mains
Q. Discuss how the expansion of BRICS and the establishment of the New Development Bank reflect the aspirations of the Global South to create a multipolar economic order.
Dimensions to cover in your answer
- De-dollarization efforts: Development of independent financial safety mechanisms to reduce reliance on Western-led systems.
- Global South leadership: BRICS as a platform for developing nations to advocate for a multipolar world order.
- Trade dynamics: Significant growth in India's export volume to BRICS members despite geopolitical complexities.
Keywords: Multipolarity · Global South · Purchasing Power Parity · New Development Bank · Economic Cooperation · Trade Surplus
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