The BRICS -- Brazil, Russia, India, China and South Africa -- made several criticisms of the rich world, including over reform at the IMF, and launched plans for their first joint institution, a development bank.
At their fourth summit together, leaders from the five members also issued a pre-emptive warning against any military action by the West or Israel to end the unrest in Syria or the dispute over Iran's nuclear programme.
"We agreed that a lasting solution in Syria and Iran can only be found through dialogue," Indian Prime Minister Manmohan Singh said in a closing statement at the one-day summit in New Delhi.
A summit declaration warned of the "disastrous consequences" of allowing the Iran standoff to escalate into conflict and stressed that the bloodshed in Syria could only be resolved by "peaceful means".
Alongside the statements on the need for dialogue in Syria and Iran, the BRICS also voiced their support for a Syrian peace process promoted by international envoy Kofi Annan.
Much of the final statement at the conclusion of the one-day meeting dwelt on how the BRICS alliance would coordinate their positions together while lobbying collectively to grab a greater say in world affairs.
"In the future the BRICS agenda will be a step-by-step transformation of this forum into a strong and powerful organisation," Russian President Dmitry Medvedev said.
Though it remains in the planning stages, the newly proposed BRICS development bank is an attempt to cement the countries together.
BRICS finance ministers will examine the "feasibility and viability" of the proposal and report back before the grouping's next summit, in South Africa in 2013.
The leaders also pushed for the reform of international financial and economic institutions -- a cornerstone of the BRICS agenda -- and criticised the "slow pace" of reforms at the International Monetary Fund.