The Morning Brief BRICS at the Helm: India’s Moment, and Its Multilateral Test
Jan 15, 2026
Alicia García-Herrero, Chief Economist at Natixis, and Sanjay Bhattacharya, former BRICS Sherpa, dive into India’s pivotal role as BRICS chair. They explore the coalition's evolution from a united front into a complex 10-nation bloc, grappling with de-dollarization and economic cooperation challenges. Alicia highlights India's need for strategic autonomy amid China’s influence, while Sanjay emphasizes the potential of South-South partnerships. The discussion centers on India's balancing act between BRICS and Western alliances, aiming for tangible benefits in global governance.
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BRICS Grew Louder But Less Cohesive
- BRICS has grown from a small, balanced group into a large, heterogeneous bloc that is louder but less cohesive.
- Expansion increased political visibility yet reduced capacity for coordinated economic action, says Alicia García Herrero.
Few Concrete Economic Moves
- Concrete economic initiatives inside expanded BRICS are sparse despite louder political rhetoric.
- Alicia notes there's no serious discussion of free trade or joint cross-border investment among the new members.
De-Dollarization Is Uneven Motive
- De-dollarization is a broader trend not uniquely driven by BRICS and stems from different motives within members.
- Russia pursues it to evade sanctions while China seeks strategic self-reliance, limiting a unified BRICS push.