BRICS--An international intergovernmental organization ~ PARN HARIT

BRICS is an international intergovernmental organization composed of major emerging markets and developing economies. Originally formed in 2006 as BRIC (Brazil, Russia, India, China) and joined by South Africa in 2010, the alliance aims to foster economic cooperation, trade, strategic autonomy, and global governance reform.

Current BRICS Composition

Full Members (11): Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia.
Partner Countries (10): Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam.

India’s proposal for Digital Public Infrastructure (DPI) and fintech integration at the 18th BRICS Summit in New Delhi centers on creating an interoperable, open-source technological architecture across member and partner nations.

Rather than advocating for a single BRICS currency, India's strategy focuses on exporting its modular "India Stack" (payments, identity, and data sharing) to build scalable, low-cost financial networks that facilitate cross-border trade, remittances, and inclusion across the Global South.

Key Pillars of India's DPI & Fintech Proposal

                    ┌──────────────────────────────────────────────┐
                    │    Global South Digital Transformation       │
                    └──────────────────────┬───────────────────────┘
                                           │
         ┌─────────────────────────────────┼─────────────────────────────────┐
         ▼                                 ▼                                 ▼
┌───────────────────┐             ┌───────────────────┐             ┌───────────────────┐
│ Global DPI        │             │ Interoperable     │             │ Cross-Border MSME │
│ Repository        │             │ Fintech & UPI     │             │ & Trade Finance   │
└────────┬──────────┘             └────────┬──────────┘             └────────┬──────────┘
         │                                 │                                 │
         ▼                                 ▼                                 ▼
• Shared Code & Frameworks        • Local Currency Rails            • Frictionless Payments
• Voluntary Pilot Projects        • Real-Time Remittances           • Open Finance Standards
• Technical Knowledge Sharing     • Biometric & Identity Systems    • De-Risking SME Trade

1. Global BRICS DPI Repository & Capacity Building

Shared Open Platforms: India proposed establishing a voluntary BRICS DPI Repository. This platform functions as a shared library of open-source digital solutions, technical code, and frameworks (modeled after India's identity and payment rails) for member states to adapt freely.
Demand-Driven Pilot Programs: Nations with developed DPI capabilities (such as India's UPI, Brazil's Pix, or the UAE's UAE Pass) assist other member countries through voluntary, context-specific pilot projects.
Capacity-Building Hubs: Establishing joint technical resources and skilling centers to help developing nations build resilient, sovereign digital infrastructures.

2. Cross-Border Payments & Fintech Interoperability

Interlinking Real-Time Payment Systems: India is pushing to integrate homegrown financial networks—primarily UPI (Unified Payments Interface)—with equivalent fast-payment systems in BRICS countries.
Reducing Remittance Costs: Linking these real-time rails drastically cuts transaction fees and settlement times for peer-to-peer (P2P) cross-border transfers and tourism payments.
Local-Currency Settlement Integration: Digital rails support trade settlement in local currencies, providing a technological backbone to reduce reliance on third-currency intermediary systems without needing a single unified currency.

3. MSME Trade & Open Finance Framework

BRICS+ Open Finance Framework: Utilizing open banking principles and Account Aggregator-style protocols to allow small and medium enterprises (MSMEs) to securely share business credentials and trade data across borders.
Frictionless Trade Finance: Standardized digital protocols simplify customs data exchange, lower collateral barriers, and narrow the trade-finance gap for small businesses within the bloc.

Core Principles Behind the Initiative

Modular and Non-Proprietary: Member nations maintain full sovereignty over their digital infrastructure rather than relying on proprietary software vendors.
Human-Centric & Inclusive: Focused on financial inclusion for underserved populations, small merchants, and migratory workers relying on international remittances.
Complementary Tech Transfer: Synthesizing strengths across the bloc—combining India's digital payment rails, Brazil's Pix model, and the UAE's unified digital ID architecture.

The BRICS Indian Summit

The 18th BRICS Summit is held in New Delhi, India at Bharat Mandapam under India's 2026 chairship.

Aspect	Details
Theme	"Building for Resilience, Innovation, Cooperation and Sustainability"
Pillars of Chairship	• Resilience: Economic, institutional, and supply chain strength • Innovation: Digital Public Infrastructure (DPI), fintech, and AI • Cooperation: Development finance, local currency trade, and global governance reform • Sustainability: Green transition, climate finance, and energy security
Core Objectives	Championing the Global South, reforming global institutions (UN Security Council, IMF, World Bank), and enhancing cross-border payment mechanisms.

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