BRICS' Faltering Economic Ambitions: A Challenging Path Forward

The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, faces challenges in posing an economic alternative to the U.S. dollar, partly due to division between China and India. Attempts to expand their global influence are hindered by lack of cooperation and realistic objectives.

Goldman Sachs' former economist Jim O'Neill expressed skepticism over BRICS' ability to challenge the U.S. dollar while China and India remain divided. In a recent Reuters interview, he emphasized the group's symbolic nature rather than a practical alternative to global economic governance.

Despite presenting a united front against Western isolation, particularly regarding Russia's ties in Asia, BRICS faces internal discord. O'Neill highlighted that meaningful improvements in global governance require cooperation among major powers including the U.S., Europe, China, and India.

Though expanding membership and accounting for significant global population and economy, BRICS struggles with achieving substantial progress due to differing national interests and ineffective structural objectives, underlining the complexity of forming an alternative global economic entity.

(With inputs from agencies.)