During the BRICS Summit 2026, prominent economist Surjit Bhalla, who chairs the Technical Expert Group for India's first official Household Income Survey, made a strong case for India to re-evaluate its foreign policy orientation. Bhalla contended that India should pivot away from the BRICS bloc and instead foster deeper economic and strategic partnerships with Western nations, specifically the United States and Europe.
Questioning BRICS' Value to India
In an opinion piece, Bhalla challenged the notion that BRICS membership has significantly benefited India over the past 17 years. He pointed to the substantial economic engagement India shares with the West: the US alone accounts for a fifth of India's goods exports and over half of its software exports, contributes 28% of remittances, holds $390 billion in Indian securities, and has invested approximately $100 billion directly in India.
Contrasting BRICS Contributions
In stark contrast, Bhalla noted China's relatively meager $2.5 billion investment in India, coupled with a record $112 billion trade deficit in 2025-26. He also highlighted Russia's imbalanced trade, selling $47 billion in oil to India while purchasing only $4.9 billion in other goods. Beyond trade figures, Bhalla cited instances of Chinese mercantilism, such as throttling rare earth magnet supplies and withdrawing Foxconn engineers from Indian iPhone plants.
Bhalla further criticized the bloc's key institutions. India has pledged about $40 billion to the New Development Bank (NDB) and an additional $18 billion to the Contingent Reserve Arrangement (CRA). Yet, he stated, no member has drawn a single dollar from either facility in over a decade. "A decade’s cost: Capital tied up in a bank that does not lend at scale, and an insurance premium nobody has claimed," Bhalla wrote.
Geopolitical Concerns and India's Aspirations
The economist also raised geopolitical concerns regarding China and Russia. He pointed to the ongoing Russia-Ukraine war and Beijing's continued silence on the origin of the COVID-19 virus, alongside its expansive mercantilism. Bhalla also noted that while China and Russia have repeatedly called for a greater role for Brazil and India in the UN and Security Council, these calls have not translated into concrete support for their candidatures.
Highlighting India's economic aspirations to become a developed nation by 2047, requiring approximately 10% annual per capita income growth in dollar terms, Bhalla remarked that countries achieving similar growth trajectories, like South Korea, Poland, and Vietnam, are not part of the BRICS grouping. He concluded that India's future lies as a global partner of the West, advocating for stronger ties with Europe and the US.