BRICS is not challenging the existing world order. It is seeking a place in the sun for developing countries. It is looking at alternative approaches but there is no desire to seek confrontation with the West.
Now that NAM is defunct and very little wealth is left in the Commonwealth, and given that the G-20 has a set parameter and doesn’t encompass the aggregate of the hopes and aspirations of the developing world, India should use the BRICS forum to project its global profile.
If the BRICS Development Bank comes up, it will not only be a big moment for BRICS itself, but also for the global financial structure where the role, stake and space of the developing world will grow massively.
Although Russia plays a weak hand due to structural problems in the economy and several deficiencies in the political and social order, Putin will try and leverage Russia’ substantial advantages—energy being one of them—to Russia’s advantage.
With economic growth and the political centre of gravity continuing to shift, BRICS already have a major role in dealing with transnational challenges, with power sharing institutionalised in the international architecture through the G20.
While their growing economic clout has brought Brazil, Russia, India, China and South Africa together, translating the hand holding gestures at the end of each summit into real unity is likely to remain a daunting task.
Although Putin's return to the presidency will probably ensure an element of continuity in the system when looked through the prism of managed democracy, bureaucratic capitalism, and widespread corruption, political and economic reforms are the need of the hour in Russia.
The real challenges for the New Delhi summit are issues that are linked not only with the future of BRICS but also with the conduct and approach of its members towards each other.
Putin is likely to overcome ongoing protests and return as President in the March elections, although his popularity could fall further if he fails to respond to the growing signs of discontent on significant issues relating to transparency and accountability.
