Leaders from the world's five largest emerging economies – the so-called BRICS group – have begun a summit in the Indian capital, New Delhi, expected to focus in part on creating a new development bank.

The leaders of Brazil, Russia, India, China and South Africa are also expected to cover topics ranging from global security to increased financial cooperation.

The BRICS countries represent 40 percent of the world's population. Their development bank would provide mutual credit and investment opportunities for member nations without having to depend on Western institutions.

But protests against Chinese-rule in Tibet are creating a shadow over the meeting, the group's fourth annual summit.

Tibetans who live in India along with their exiled spiritual leader, the Dalai Lama, took to the streets of New Delhi this week to air their grievances against Chinese rule. The issue is one that India and China pointedly avoid in all their public discussions, and analysts say they remain unlikely to address it as they meet in New Delhi.