Relevance Of BRICS in the Period of Turbulence

Abstract

The emergence of BRICS is seen as an important shift towards multipolarity, putting significant pressure on the existing hegemony in multilateral institutions such as IMF, World Bank, and the dollar-dominated monitory system. The inaugural BRIC Summit in 2009 at the Russian Federation came up with focused issues of reform in the global financial structure. Starting with the financial issues of mutual interest, BRICS's objectives have widened over time. It encompasses major global issues such as terrorism, Climate Change, food and energy security, international economic and financial situation, reform of the Bretton Woods institutions, trade protectionism, and hegemonic control of multilateral institutions that were held responsible for the great divide between North and South owing to a critical flaw of the unequal representation of developing countries in the global economy. The opening of the 21^st century witnessed a financial crisis, bilateral trade wars, sanctions, unilateral actions, and global inequalities in access to finance, technology, resource mobilization, and trading capacities gave impetus to the rise of BRICS. BRICS have shown their concern about the serious setback to the Global Economy caused by the COVID-19 scenario and the hardships suffered by humanity, which had an impact on the economy. 

The current research paper is based on secondary source of data collection. This is a subjective investigation that intends to discuss the significance of BRICS in contemporary global society as an initiative of collaboration in the areas of economy and trade, innovation, and strategic cooperation. Its objectives are to broaden,  deepen, and intensify cooperation for more sustainable, equitable, and mutually beneficial development. It is an attempt to understand the affirmative role of BRICS Nations, it’s future perspectives, and the role of India in BRICS.