India's BRICS Transformation: From Economic Doubts To A Defining Global Voice

As India prepares to host the 11-member BRICS summit this weekend, the grouping’s meeting in New Delhi offers an opportunity to reflect on how dramatically the country’s global standing has changed over the past 14 years.

When India first chaired BRICS in 2012, its position within the grouping was accompanied by questions about the strength of its economy and its ability to keep pace with other emerging powers. In 2026, however, New Delhi is increasingly being viewed as one of the key forces shaping the bloc and as an important voice in the push for a more multipolar international order.

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From Economic Doubts To BRICS Uncertainty

The change is particularly striking given the economic circumstances surrounding India’s first BRICS chairship. In 2012, the global economy was still grappling with the Eurozone debt crisis, while India faced slowing growth, elevated inflation and pressure on the rupee. These factors contributed to concerns over whether the country could maintain its position among the major emerging economies.

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Jim O’Neill of Goldman Sachs, who had coined the BRIC formulation, described India at the time as the "least attractive" BRIC economy in valuation terms. Questions were even raised over whether Indonesia could replace India as the "I" in BRIC, while discussions within the broader economic narrative portrayed India as the weakest member of the grouping.

The concerns were not limited to market commentary. Standard & Poor’s warned in the same year that India could become the first BRIC nation to lose its investment-grade sovereign rating. The warning reflected the degree of uncertainty surrounding the country's economic trajectory at the time.

India’s growth had also weakened considerably. Economic expansion during 2012-13 slipped below 5 per cent, while inflation remained in double digits. Consequently, India's image in international economic coverage had shifted from that of an emerging growth pillar to a country struggling to demonstrate why it belonged among the leading economies of the BRICS bloc. Fourteen years later, the picture looks markedly different.

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From The ‘Weakest’ BRIC To A Growth Engine

India has emerged as one of BRICS’ important growth engines, with its economic performance giving the country greater weight within the grouping. Despite a global environment marked by conflicts in Europe and the Middle East, India registered 7.8 per cent real GDP growth in the first quarter of fiscal year 2026-27.

The reversal in perceptions of India’s sovereign strength is equally notable. The country, which was once warned about potentially losing investment-grade status, received an upgrade from the Japan Credit Rating Agency in September 2026. Its sovereign rating was raised from BBB+ to A-, with a stable outlook, with the agency citing resilient economic growth, improving fiscal quality, a stronger financial system and a robust external position.

Economic Strength Fuels Greater Global Influence

India’s growing relevance also extends beyond economic indicators. Its longstanding policy of strategic autonomy has gained significance amid intensifying US-China competition and increasing geopolitical fragmentation. Chatham House has highlighted the importance of India's strategic hedging and middle-power diplomacy in an international system increasingly defined by competing centres of power.

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The BRICS summit in New Delhi therefore, comes at a time when India's ability to convene major powers has become an important part of its diplomatic profile. The presence of leaders ranging from Russian President Vladimir Putin and Chinese President Xi Jinping to Iranian President Masoud Pezeshkian and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan underscores the breadth of India's diplomatic engagement.

From being questioned over its place within BRICS to hosting a summit increasingly seen as a counterweight to Western-led forums such as the G7, India’s journey reflects a broader transformation in how New Delhi is perceived internationally. The country is no longer merely seeking recognition within the emerging global order; it is increasingly positioning itself as a force capable of influencing its direction.

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