BRICS on the Threshold of Its Twentieth Anniversary: Insights from the New Delhi Business Forum
On September 11, the Bharat Mandapam Convention and Exhibition Centre in New Delhi became a hub of global diplomacy. The plenary session of the BRICS Business Forum brought together Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, South African President Cyril Ramaphosa, Iranian President Masoud Pezeshkian, and Brazilian Foreign Minister Mauro Vieira. The meeting set the tone for the upcoming 18th BRICS Summit.
The figures speak to the scale of the changes. Rishabh Sethi, an international relations specialist, citizen diplomat, and member of the GlobUs expert club, notes that over the past two decades, BRICS has transformed into a coalition of eleven nations.
"Modi highlighted that global GDP has grown 2.5-fold, while the combined GDP of BRICS nations has increased 4.5-fold. Putin stated that outdated formats like the G7 no longer reflect reality. Brazilian Foreign Minister Vieira added that the share of low- and middle-income countries in global GDP has risen from 20% to over 50%," the expert pointed out.
Concrete work lies behind these figures. The forum demonstrated a shift from mere declarations to the creation of actual infrastructure. Panel sessions focused on expanding the use of national currencies; already, approximately 96% of trade between Russia and India takes place outside the dollar-based system.
A symbolic gesture was Modi’s gift to Putin: a Russian translation of the ancient Indian treatise "Thirukkural". It served as a reminder that while trade may fluctuate, the friendship between nations remains steadfast.
As Rishabh Sethi emphasizes, the forum—held on the eve of the BRICS twentieth anniversary—demonstrates the sovereignty of the Global South. The partnership between Russia and India remains a pillar of this emerging global architecture.