2024 BRICS Kazan Summit
- Challenge to Dollar Hegemony
- BRICS reaffirmed its commitment to de-dollarisation, promoting trade in local currencies to reduce dependence on the US dollar and Western financial institutions.
- The proposed BRICS Payment System, spearheaded by India, aims to establish a decentralized financial framework, fostering economic self-sufficiency and mitigating risks of sanctions or currency volatility.
- India's Diplomatic Maneuvering
- India successfully balanced cooperation and competition with China, advocating financial reforms to limit China's dominance while strengthening its leadership among developing economies.
- Highlighted Unified Payment Interface (UPI) success to promote India's fintech capabilities and influence within BRICS.
- Ethiopia’s Inclusion
- India supported Ethiopia's membership in BRICS, countering China's influence in the Horn of Africa (Djibouti and Eritrea) and enhancing its foothold in one of Africa’s fastest-growing economies.
- The move mirrors China's inclusion of Pakistan in the Shanghai Cooperation Organization (SCO), positioning Ethiopia as a counterweight to China's allies.
- Space Collaboration with Russia
- India and Russia strengthened ties through the Space Exploration Consortium, aiming to challenge China's dominance in space research and development.
- Joint plans to launch a small modular reactor on the Moon reflect strategic leveraging of Russia-China rivalries.
- Balancing Power Within BRICS
- The proposed payment system received support from BRICS members wary of excessive Chinese dominance, marking a soft power victory for India.
- India's initiatives underscore its intent to reshape BRICS into a multipolar bloc, reducing reliance on any single member or external power.
Strategic Outcomes
- Enhanced India's global leadership among emerging economies.
- Strengthened geopolitical ties with Russia and Africa, countering China's Belt and Road Initiative (BRI).
- Positioned India as a pivotal player in both financial and technological domains within BRICS.
This nuanced approach cements India’s role in shaping a multipolar global order, aligning with its long-term strategic and economic interests.
Notes: Is Israel's War in Gaza Putting the Global Order at Peril?
1. Overview of the Crisis
- Impact: Over 43,000 killed (majority civilians); Lancet estimates exceed 186,000 deaths in Gaza.