The global economic landscape is undergoing a fundamental transformation. Geopolitical tensions, fragmentation of trade, restructuring of supply chains, rapid technological change and uncertainty around established multilateral institutions are reshaping the rules of globalisation. At the same time, economic heft is steadily shifting towards emerging markets and the Global South.
Meanwhile, BRICS has evolved from a relatively small grouping of emerging economies into a significant geoeconomic force that accounts for about 40 percent of global GDP and over a fourth of global trade.
For India, therefore, BRICS is not simply another multilateral forum. It is an opportunity to shape a more balanced and multipolar global economy while advancing India’s economic and strategic interests. So India’s 2026 BRICS chairship came at an important juncture.
The objective was to move it from a platform that articulates the concerns of emerging economies to one that delivers tangible economic outcomes for businesses and people. India’s humanity-first approach and emphasis on building for a more resilient, innovative, cooperative and sustainable future provides a strong foundation for this transition.
The most immediate opportunity lies in trade and investment. The volume of intra-BRICS merchandise trade has grown 13-fold from 2003 to $1.17 trillion in 2024. Yet, considering the combined economic weight of the grouping, there remains considerable untapped potential.
The next stage of cooperation should focus on lowering the cost of doing business when crossing borders. This involves improving customs procedures, working together on standards, enhancing trade finance, improving logistics connectivity, using digital documentation, expanding trade in services, facilitating investment and ensuring greater participation by smaller enterprises in global value chains.
This is particularly relevant for India given the ambition to become a trillion-dollar economy needs deeper export penetration of established markets and diversification into emerging ones. BRICS can become an important platform for this effort not only by expanding India’s exports of engineering goods, pharmaceuticals, electronics, automobiles, chemicals, textiles and processed foods, but also by opening new opportunities in services.
Technology will increasingly determine competitiveness, and BRICS has the potential to become an important hub for it. India brings significant strengths in information technology, digital payments, start-ups, digital public infrastructure and global capability centres. Other BRICS economies bring complementary capabilities in manufacturing, research, energy, natural resources and advanced technologies. Connecting these can create a powerful ecosystem for innovation. India’s experience with UPI also offers a model for interoperable digital solutions that can promote inclusion and efficiency.
During India’s chairship, discussions on the BRICS Economic Partnership 2030, resilient and diversified global value chains, trade in services and the digital economy provide a strong foundation for translating cooperation into tangible business outcomes.
Greater financial connectivity should be an important part of this agenda. Rather than pursuing a common currency, BRICS can focus on facilitating cross-border transactions through local-currency settlements where feasible, interoperable payment systems and stronger financial linkages. The Rio Declaration of 2025 already called for ongoing efforts on the BRICS cross-border payments initiative and for greater interoperability among national payment systems. Building on these efforts can reduce transaction costs, enhance resilience and provide greater choice to businesses engaged in cross-border trade and investment.
Medium, small and micro enterprises (MSMEs) must be central to this process. Smaller enterprises often face the greatest barriers to internationalisation particularly access to finance, technology and markets. The Jaipur Consensus and guiding principles for credit assessment of export-oriented MSMEs seek to address precisely this challenge by improving access to trade finance.
At the same time, economic growth must increasingly be aligned with sustainability. BRICS can help mobilise investment in renewable energy, green infrastructure, clean technologies and climate-resilient systems, while deepening cooperation on green finance and the energy transition. This can create new avenues for investment, technology partnerships and innovation, while supporting the sustainable development priorities of member economies.
The most important opportunity for India is to position BRICS as a bridge between emerging countries and the wider global economy. As the grouping moves from recognition to delivery, its focus must increasingly be on outcomes—more trade and investment, stronger connectivity, greater innovation and deeper economic cooperation.
India’s engagement with BRICS must also be viewed within its broader international partnerships, including the G20, Quad, the European Union, US, ASEAN and Gulf economies. These are complementary platforms through which India can advance its economic and strategic interests. BRICS should complement, not fragment, the global economic system, with the World Trade Organization at its core. Its evolution offers India an opportunity to help shape a more representative, resilient and inclusive economic order.
Chandrajit Banerjee | Director General, Confederation of Indian Industry
(Views are personal)
(cb@cii.in)