New Delhi, Sept 13: Reflecting the huge prospects, India’s trade with BRICS member countries more than doubled over the past five years, rising from USD 203 billion in 2020-21 to USD 417 billion in 2025-26, according to an Assocham research report.
The industry body said stronger South-South cooperation could help India raise its merchandise exports to BRICS nations to USD 200 billion by 2030.
The report, titled ‘The Rise of Brics Nations: An Opportunity to Scale Indian Exports to USD 200 Billion to Brics by 2030’, said India exported merchandise worth USD 96 billion to BRICS partner countries in 2025-26.
Assocham said the bloc provides Indian businesses with an opportunity to diversify export destinations beyond traditional markets and expand their presence across emerging economies.
Assocham said stronger commercial engagement with Brics could help Indian companies build production networks, improve input sourcing and strengthen their participation in value chains. The chamber also pointed to the potential for more efficient settlement mechanisms to support cross-border trade and investment among member countries.
The report said trade within Brics continues to be influenced by the economic performance of member countries, regional trade policies and changes in the global economic environment. It said deeper commercial integration could nevertheless allow Indian businesses to tap demand across a broader set of emerging markets while strengthening their position in regional and global value chains.
Assocham identified engineering goods, pharmaceuticals, chemicals, textiles and apparel, automobiles, electronics and minerals as key sectors that could benefit from deeper engagement with Brics markets. It also highlighted opportunities in gems and jewellery, agricultural and marine products, renewable power, healthcare and digital services.
The chamber said expanding engagement across these sectors could help Indian manufacturers and exporters access new sources of demand within emerging economies. Greater integration with BRICS markets could also support domestic production networks and create stronger links between Indian suppliers and international value chains.
Assocham President Nirmal K Minda said the growing global significance of developing and emerging economies within BRICS reflected the grouping’s potential for economic growth and cooperation. He said recent initiatives to enhance trade and cross-border investment could act as a catalyst for several high-growth sectors.
The recent initiatives for enhancing trade and cross-border investment under the Brics framework is set to act as a significant catalyst across several high-growth sectors, Minda said.
India’s expanding engagement with Brics also comes as the grouping assumes greater importance in global economic and geopolitical affairs. According to the report, stronger partnerships within the bloc could help India secure access to critical minerals, energy supplies, advanced technology and investment capital.
Minda said India’s continued engagement with Brics, supported by strategic policy initiatives, had helped strengthen trade, investment, dialogue and relations with member countries. He said India had maintained a balanced approach while deepening its economic and strategic engagement with the grouping.
India, as a founding member of Brics, with its strategic policy initiatives has demonstrated strength over the years, enhancing trade, investment, dialogue, and relations with the member countries considering a balanced approach, Minda said.
The report said India recorded average annual GDP growth of more than 7 percent between 2021 and 2026, while the economy expanded 7.8 percent in the opening quarter of the current fiscal period. Assocham said India’s position as one of the fastest-growing major economies could support a larger role in expanding economic cooperation within Brics.
The chamber said India could play a greater role in coordinating responses to global economic and geopolitical developments as the grouping gains importance. It added that the expanding commercial relationship could create further opportunities for Indian manufacturing and help domestic companies strengthen their international presence.
Assocham said achieving the USD 200-billion merchandise export target by 2030 would require deeper trade cooperation and greater integration between Indian suppliers and Brics markets. Expanding market access, strengthening commercial linkages and improving participation in regional and global value chains would be critical to achieving the target. (BVI)
