A heated political debate has erupted following senior Congress leader and former finance minister P. Chidambaram's recent statement that BRICS no longer holds any relevance. Responding strongly to these remarks, economic affairs expert Professor Gaurav Vallabh countered the narrative during a media appearance, asserting that Chidambaram is a knowledgeable individual who should be well aware of the concrete benefits India has secured through BRICS and its financial institutions.
Economic Gains Through BRICS And The New Development Bank
Elaborating on his stance during the discussion, Gaurav Vallabh listed five specific points demonstrating how the BRICS grouping has directly benefited India. He emphasized that these advantages are not merely theoretical but are visible in critical developmental projects funded across different parts of the country.
Multicrore Loan Approval For Madhya Pradesh
Detailing the first instance, he pointed out that on December 19, 2024, the New Development Bank, also known as the BRICS Bank, sanctioned a massive loan of 3000 crore rupees for the Madhya Pradesh State Highway Project. Such financial backing directly aids regional infrastructure and bolsters economic activity at the grassroots level.
Funding For Guwahati Water Supply Project
Offering a second example, he noted that on November 27, 2025, the BRICS Bank approved approximately 890 crore rupees in funding for the South-East Guwahati Water Supply Project. According to him, these developments clearly indicate that the tangible advantages of BRICS are successfully reaching ground-level infrastructure initiatives.
Significant Surge In Exports To BRICS Nations
As a third major advantage, Vallabh claimed that India's total exports to fellow BRICS nations have witnessed a remarkable jump of roughly 50 percent, climbing to an impressive 95.7 billion dollars, which serves as a massive boost for the national economy.
Substantial Growth In Bilateral Trade With UAE
Highlighting the UAE as a prominent member of the bloc, he stated that India's exports to the country have surged by an extraordinary 124 percent over recent years, reaching 37.4 billion dollars and reflecting deeply strengthening commercial ties.
Joint Condemnation Of Pahalgam Attack At Rio
Shifting focus to the diplomatic arena for his fifth point, he referenced the BRICS summit held in Rio in 2025, noting that member nations collectively issued a strong joint condemnation of the Pahalgam terrorist attack, marking a notable diplomatic triumph for India.
Broader Importance Of Global Forums And Criticism Of Congress
Expanding the scope of the discussion, Vallabh argued that India's geopolitical gains are not restricted to BRICS alone, pointing out that participation in organizations like G20, Quad, and SCO has yielded extensive dividends. He explained that through the G20, India has successfully amplified the voices of the Global South and African nations, cementing its stature globally. Meanwhile, the Quad has enhanced maritime security and disaster response coordination, while the SCO has provided a critical channel for diplomatic engagement with difficult neighboring nations. He asserted that each of these multilateral platforms holds unique strategic, financial, and diplomatic significance.
Directing sharp criticism at the opposition, Vallabh accused Congress of finding faults with every major international engagement, whether it is BRICS, G20, Quad, or SCO. In a critical remark, he labeled Chidambaram a frustrated uncle and alleged that baseless accusations are being manufactured out of sheer political frustration. At the same time, he conceded that Chidambaram remains a well-read and intelligent political figure who understands the profound importance of these global bodies.
Perspectives On Resolving Global Conflicts
Addressing a query regarding whether such high-level summits can formulate concrete solutions to ongoing global wars and geopolitical tensions, Vallabh noted that predicting definitive outcomes is difficult. However, he emphasized that when nations representing massive populations and significant shares of the global economy gather at a common negotiating table, viable pathways for dialogue on complicated issues invariably begin to open up.
