Economist Jim O’Neill, who coined the term “BRIC” in 2001, says the future of BRICS — and the global economic order — will depend heavily on how India and China manage their relationship. In an interview, O’Neill noted that both countries have outperformed his original projections, showing stronger accumulated growth over the past 25 years than he had anticipated. In contrast, Brazil and Russia have significantly underperformed.
O’Neill argues that BRICS must now move beyond symbolism and take concrete steps in areas such as trade, payments, and economic cooperation. He believes India and China, given their size and momentum, are central to this shift. China’s economy is now twice the size of all other BRICS members combined, while India’s rapid growth is making it increasingly influential within the group.
He emphasised that BRICS countries often issue big statements but fail to follow through with meaningful collective action. With India hosting the upcoming BRICS Summit, O’Neill says the meeting is important because of India’s views on global financial reform — especially de‑dollarisation. He previously dismissed de‑dollarisation as unrealistic, but now sees potential due to advances in digital payments and discussions around a joint BRICS payment mechanism. Such a system, he says, would not replace the dollar but complement it by enabling cheaper cross‑border transactions among BRICS nations.
O’Neill also noted that the West is slowly recognising the shift in global economic power, though resistance remains. He believes a functional India–China economic partnership could reshape global trade patterns and accelerate the emergence of a multipolar world.