Introduction

BRICS is the group composed by the five major emerging countries - Brazil, Russia, India, China and South Africa -, which together represent about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade. The acronym BRIC was coined by Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century. Since the beginning of their dialogue, in 2006, these countries have sought to establish fairest international governance, one that would be more suitable to their national interests. This goal would be achieved, for example, through the reform of the International Monetary Fund quota system, which came to include, for the first time, Brazil, Russia, India, and China amongst the top ten largest shareholders. At the Fortaleza Summit (2014), in Brazil, important institutions were created: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). So far, the NDB has approved more than 8 billion-dollars in infrastructure and renewable energy financing projects in the BRICS countries. The CRA is operational and is an important financial stability mechanism for countries affected by crises in their balance of payments.

•  In addition to presidential meetings (summit and the informal meeting in the margins of the G20), BRICS organizes, through its rotating chairship, nearly 100 annual meetings, including about 15 ministerial meetings and dozens of gatherings with official seniors, technical events, as well as meetings on  culture, education and sport areas.
• Throughout 2019, Brazil will hold the BRICS pro tempore presidency. The emphasis of the Brazilian presidency will be on promoting science, technology and innovation; digital economy; the increase of productive sector contact with NDB; and the strengthening cooperation in the fight against transnational crimes. Furthermore, dozens of academic, sporting, cultural and artistic events are scheduled for the year.

Relevance of BRICS in Global Order

• Financial: Structural imbalances caused by the global financial crisis of 2008 and new threats to the global economy posed by trade war and unilateral economic sanctions are yet to be resolved.The growing contribution of the BRICS to the world economy and the rising importance of the economic relations between the BRICS and other Emerging Market and Developing Countries (EMDCs) create an opportunity for new initiatives that would better help to support sustainable and inclusive growth and development.
• Security: The US unilateral withdrawal from Intermediate-Range Nuclear Forces (INF) Treaty and Iran deal has posed a great security threat to global peace. BRICS, being a pillar of fairer polycentric world order, can play a significant role in assuring world peace by playing an active role in dispute resolution based on principle of fairness.
• Poverty Reduction: The BRICS contribution to world poverty reduction has been sizeable. Continued BRICS growth remains important for poverty reduction as well as for reducing international inequalities.

Importance of BRICS for India

• Geo-Politics: Global geopolitics today represents the case of a tug of war and India finds itself in the middle of it. This has made difficult for India to carve a middle path for balancing its strategic interests between the U.S and the Russia-China axis. Therefore, BRICS platform provides an opportunity for India to balance Russia-China axis.
• Global Economic Order: BRICS countries shared a common objective of reforming the international financial and monetary system, with a strong desire to build a more just, and balanced international order. To this end, BRICS community plays an important role in the G20, in shaping global economic policies and promoting financial stability.
• Voice of Developing Nations: As the western countries are raising challenges on issues ranging from World Trade Organisation to climate change, the developing countries are crippling under the onslaught of these policies. In recent period, BRICS has emerged as the voice of developing countries, or the global south and playing a significant role in protecting the rights of developing countries.
• Terrorism: BRICS also provides a platform for India to galvanize its efforts against terrorism and has worked within the grouping to take a strong stand against terrorism and bring about focused consultations on specific aspects relating to terrorism.
• Global Grouping: India is actively pursuing its membership for United Nation Security Council (UNSC) and Nuclear Supplier Group (NSG). China forms the major roadblock in pursuing such goals. Therefore, BRICS provides an opportunity to actively engage with China and resolve the mutual disputes. It also helps in garnering support of other partner countries.

Challenges

• Heterogeneity: It is claimed by critics that heterogeneity (variable/diverse nature of countries) of the BRICS nations with its diverse interests possess a threat to the viability of the grouping.
• China Centric: All the countries in BRICS grouping trade with China more than each other, therefore it is blamed that as a platform to promote China’s interest. Balancing trade deficit with China is huge challenge for other partner nations.
• Global Model for Governance: Amidst, global slowdown, trade war and protectionism, the critical challenge for the BRICS consists in the development of a new global model of governance which should not be unipolar but inclusive and constructive. The goal should be to avoid a negative scenario of unfolding globalization and to start a complicated merging of the global growing economies without distorting or breaking the single financial and economic continuum of the world.

Way Forward

• BRICS should promote comprehensive development of all states — both big and small — and enhanced mutually beneficial cooperation among them on the basis of shared interests.
• Democratization of international issues i.e agreements on global agendas should be reached with the widest and equal participation of all stakeholders and be based on universally recognised legal norms.
• The principle of respect for cultural and civilizational diversity of the world should be a top priority.
• BRICS nations should strive for peaceful and politico-diplomatic settlement of crisis and conflict in various regions of the world.

BRICS, being one of the pillars of the emerging fairer polycentric world order, plays an important stabilising role in global affairs. In the storming ocean of world politics, BRICS can contribute significantly in maintaining international stability and ensuring global economic growth and becoming a united center of the multipolar world.