The industrial sector of India wants the forthcoming BRICS summit to deal with trade barriers, ease cross-border transactions, and increase investments. Leading industry associations such as PHDCCI and FIEO believe BRICS should move from talk to action and are advocating a process to resolve these issues.
A major challenge for businesses is handling cross-border payments. To fix this, Indian industries are pushing for countries to trade using their own local currencies, like the Indian Rupee. They also want to link national payment systems, using India’s successful UPI model to allow easy QR-code payments across the BRICS nations. They are also asking the New Development Bank to step up and provide more loans in local currencies to support smaller businesses and build digital infrastructure.
This push matches India’s massive industrial growth. According to one recent study, India is undergoing an industrial revolution of a different kind, particularly in sectors such as semiconductors, space, data centres, electronics, solar energy, and aerospace industries. For example, there is significant investment in microchips and data centre capacity. The top Indian conglomerates, namely Tata, Aditya Birla, Reliance, and JSW, will be attending the summit to interact with major international players from countries such as Brazil, Russia, China, and the Gulf.
It is not only about increasing the sales of goods by the Indian companies. They also want to attract investment, improve access to key raw materials, and create joint manufacturing ventures. Through collaboration within various industries such as pharma, engineering, and electronics, BRICS countries can develop more robust and secure supply chains. It is pointed out that trade and investment should increase hand-in-hand.
