India advocates resilient trade and local currency payments at BRICS Business Forum

Hindustan Times - India · 12 Sept 2026 · 2 min read
Prelims · International relations Mains · GS2 International relations High relevance

India urged BRICS nations to create predictable business environments, resilient supply chains, and local currency trade mechanisms during the BRICS Business Forum, highlighting economic security and sustainability as key priorities.

Key points

BRICS Business Forum: External Affairs Minister S Jaishankar emphasized resilience, innovation, cooperation, and sustainability as India's chairship priorities, addressing global economic volatility and geopolitical conflicts.

Local Currency Trade: India proposed linking payment systems among BRICS members to facilitate trade in local currencies, reducing dependency on the US dollar and euro.

Resilient Supply Chains: Jaishankar called for diversified commercial relationships and dependable logistics to absorb economic shocks, crucial for long-term stability.

Digital Public Infrastructure (DPI): India showcased its Unified Payments Interface (UPI), which processes over 250 billion transactions annually, urging BRICS members to adopt similar systems.

BRICS Grain Exchange: Russia proposed establishing a unified trading platform for grain to ensure food security and reduce reliance on Western price benchmarks.

[GS3-Economy] The shift to local currency trade aligns with India's de-dollarization strategy, reducing forex risks and enhancing economic sovereignty.

Trade Growth: BRICS intra-trade surged from $84 billion in 2003 to $1.2 trillion in 2024, reflecting the bloc's growing economic interdependence.

Way Forward: BRICS should institutionalize a local currency trade framework, establish joint agri-tech startups for food security, and harmonize regulatory procedures to deepen economic integration.

Key terms

BRICS

An intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. It represents 41% of the global population and 24% of GDP, serving as a counterweight to Western economic dominance.

Digital Public Infrastructure (DPI)

A suite of interoperable digital systems like India's UPI and Aadhaar that enable efficient service delivery. DPI is critical for financial inclusion, governance, and economic resilience, forming a key pillar of India's G20 and BRICS advocacy.

Local Currency Trade

Conducting international trade in national currencies instead of reserve currencies like the USD. This reduces forex risks, enhances monetary sovereignty, and is central to India's economic security strategy within BRICS and bilateral agreements.

Resilient Supply Chains

Supply networks designed to withstand disruptions through diversification, localization, and redundancy. A key BRICS priority given pandemic and geopolitical shocks, aligning with India's Atmanirbhar Bharat (self-reliance) policy.