The summit comes as BRICS faces questions over its expanding membership, differing views on its core purpose and divisions among members with competing foreign policy interests.
The acronym BRIC was coined by Goldman Sachs Chief Economist Jim O'Neill in 2001 in a research paper highlighting the growth potential of Brazil, Russia, India and China. The four countries did not come together as a bloc until 2009.
South Africa joined in 2011, creating BRICS as it is known today.
The grouping expanded in 2024, when Egypt, Ethiopia, Iran and UAE became members. Indonesia joined in 2025.
Saudi Arabia has also been invited to be part of the bloc but has not formally accepted the invitation.
BRICS was established to challenge a world order dominated by the United States and its Western allies. Together, its members account for more than 40% of the world's population and almost a quarter of the global economy.
The grouping currently focuses on political and security cooperation, economic and financial cooperation, and people-to-people exchanges, according to the BRICS website set up by India during its presidency this year.
One of BRICS' biggest achievements is the multilateral New Development Bank, established in 2015 to finance infrastructure and sustainable development projects in emerging markets.
The bank has approved 139 projects worth nearly $43 billion, according to its website, but suspended new transactions in Russia in the face of sanctions.
BRICS is also working on a BRICS Pay System aimed at linking members' fast payment systems to enable cross-border settlements without relying on dollar-based banks.
Members are exploring linking their central bank digital currencies and are increasingly settling trade in national currencies as they pursue alternatives to dollar-based payment systems.
However, differences over the bloc's core purpose and the divergent interests of its members have created growing challenges.
While Russia and China consider BRICS a counterweight to the West, India and Brazil see it as more focused on economics and reform.
The 2024 expansion has further complicated the group's consensus-oriented approach, with divergent foreign policy interests hindering agreement.
That challenge is expected to come into sharp focus this week as India seeks to secure a joint statement by bridging differences between Tehran and Washington-ally Abu Dhabi, which are on opposing sides of the U.S.-Iran war.
Those differences prevented a joint statement during the BRICS foreign ministers' meeting in New Delhi in May.
Western nations have largely remained cautious about BRICS, recognising it as a platform that can gradually shift the balance of geopolitical power. The bloc has repeatedly clashed with U.S. President Donald Trump, who has termed it "anti-American".
Trump has also threatened to slap tariffs on BRICS members if they try to establish a new BRICS currency or support any currency intended to replace the U.S. dollar.
Brazil floated the idea of a common BRICS currency during its chairmanship last year, but the proposal was later scrapped.
The New Delhi summit will therefore place the bloc's competing priorities, expanding membership and efforts to reshape financial cooperation against the backdrop of continuing geopolitical and economic tensions.
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