As India gears up to host the 11-member BRICS summit this weekend, it is worth looking at New Delhi’s evolving global image from a nation that once demanded a seat at the table to one that is actively commanding the narrative and shaping the global order with indigenous solutions. Once labelled the ‘least attractive’ BRICS member, India has come a long way since it hosted the grouping’s first meeting in 2012.
Slowing growth, high inflation, and a weak rupee had cast doubts over India’s relative performance among major emerging economies. The same year, Standard & Poor’s warned that India could become the first BRIC country to lose its investment-grade sovereign rating, a remarkable indicator of how negatively India’s economic trajectory was being viewed at the time. India’s sovereign-risk narrative has also reversed.
In 2012, during India’s first chairship, the world was reeling from the Eurozone debt crisis, and concerns reflected the economic mood of the period. Cut to 2026, India is viewed as one of the grouping’s strongest growth engines and an important source of economic and strategic weight. At a time when the biggest economies are dealing with the shock of wars in Europe and the Middle East, India recorded 7.8 per cent real GDP growth in the first quarter of fiscal year 2026-27.
India’s Credit Rating Upgrade Highlights Economic Resilience
In September 2026, the Japan Credit Rating Agency raised India’s sovereign rating from BBB+ to A-, citing a stable outlook. This upgrade reflects India’s strong economic growth, improved fiscal quality, a robust financial system, and a solid external position.
This positive development contrasts sharply with warnings from S&P in 2012, when it cautioned that India could become the first BRIC nation to lose its investment-grade status. The recent upgrade signifies a significant turnaround in investor confidence and financial stability in the country.
