Blog

Going forward, BRICS should focus on reinventing multilateralism, developing a payment architecture as an alternative to the SWIFT system, fostering innovation and deep tech, ensuring energy security, and addressing socio-economic needs of the Global South. The BRICS-backed New Development Bank (NDB) has remained limited in capacity and scale, with an internal evaluation in 2024 flagging weaknesses in assessment and supervision procedures. Following the recent BRICS Summit in New Delhi and India’s leadership role in supplying the NDB’s founding president, advancing achievable outcomes such as expanding financing options for the Global South, and evolving beyond business-as-usual practices of legacy MDBs, is a more worthwhile agenda.