Piyush Goyal outlines India’s roadmap for stronger BRICS economic cooperation (Img: X)
New Delhi: India placed a major economic proposal before BRICS nations on Friday, with Commerce and Industry Minister Piyush Goyal calling for interconnected payment systems, local currency trade and easier movement of goods and services among member countries.
The proposal was made at the BRICS Business Forum 2026 in New Delhi ahead of the BRICS Summit and has gained attention because it could reshape how emerging economies conduct international trade. India believes its successful digital payment infrastructure, especially the Unified Payments Interface (UPI), can become a foundation for faster and more seamless cross-border transactions.
At a time when countries are focusing on stronger supply chains, financial security and alternative trade mechanisms, India’s push for digital connectivity has emerged as one of the key discussions at the global economic forum.
Goyal highlighted India’s digital public infrastructure as a major achievement and suggested that BRICS countries could explore linking their payment systems to make international business easier.
India’s UPI ecosystem has transformed domestic payments by enabling instant digital transactions for millions of users. The platform has also expanded internationally, with acceptance in several countries.
A connected BRICS payment framework could help businesses reduce transaction delays, lower payment costs and encourage greater use of local currencies in trade.
The move is being seen as part of India’s broader strategy to promote digital trade, financial inclusion and technology-driven economic cooperation among developing economies.
Delhi: EAM S. Jaishankar and Union Minister Piyush Goyal attend the BRICS Business Forum 2026 at Bharat Mandapam.@MEAIndia @DrSJaishankar @BricsIndia2026 @PiyushGoyal pic.twitter.com/79JYJPflmx
— Dynamite News (@DynamiteNews_) September 11, 2026
Apart from digital payments, Goyal stressed the importance of increasing trade settlements in local currencies. The Minister said stronger economic partnerships would require BRICS members to create a system where trade flows smoothly between countries without unnecessary financial hurdles.
Using local currencies for trade could help businesses reduce currency-related risks and provide more flexibility in international transactions. However, creating such a system would require coordination between central banks, financial institutions and regulatory authorities of different countries.
Delhi: Speaking at the BRICS Business Forum, Union Minister Piyush Goyal highlighted India's digital public infrastructure and the global success of UPI, which handles over 250 billion transactions annually. He called for greater cooperation among BRICS nations through linked… pic.twitter.com/qGNimVAxhk
— Dynamite News (@DynamiteNews_) September 11, 2026
Goyal also called for easier access to markets within the BRICS grouping, especially for critical minerals, raw materials and essential industrial resources.
Critical minerals have become increasingly important due to the growth of sectors such as electric vehicles, renewable energy, semiconductor manufacturing and advanced technology.
The Minister emphasised that resilient supply chains require balanced trade relationships where countries support each other through reliable access to resources and markets.
He also urged BRICS nations to simplify regulations, reduce unnecessary restrictions and speed up customs clearance processes to make global trade more efficient.
During his address, Goyal highlighted the growing impact of non-tariff barriers on international commerce. These restrictions, which include regulatory requirements, certification rules and compliance procedures, often increase costs for exporters even when import duties remain low.
India has argued that reducing such barriers would help businesses, especially small and medium enterprises, participate more actively in global trade. A smoother regulatory environment could increase opportunities for Indian industries, including engineering goods, electronics, pharmaceuticals, automobiles and technology services.
Goyal also highlighted the contribution of startups and women-led businesses in strengthening economic ties between BRICS countries. He pointed out that a large number of India’s recognised startups have women partners or directors, reflecting the increasing role of women entrepreneurs in the country’s innovation ecosystem.
The minister encouraged BRICS nations to provide greater opportunities for women-led enterprises through international exhibitions, trade fairs and business collaborations. He also proposed partnerships between agri-tech startups across BRICS countries to develop technology-based solutions for farmers and improve food security.
The services sector was another key area highlighted during the BRICS Business Forum. Goyal called for easier movement of professionals between member countries and mutual recognition of professional qualifications.
Such cooperation could benefit sectors including information technology, healthcare, education, finance and consulting by creating more opportunities for skilled professionals. India believes services trade can become a major driver of economic growth within the BRICS framework.
The BRICS Business Forum serves as a platform where government representatives, business leaders and policymakers discuss trade, investment, technology and economic development. During the discussions, officials highlighted the rapid growth of trade among BRICS countries. Trade between member nations has increased significantly from around $84 billion in 2003 to nearly $1.2 trillion in 2024.
The forum also focused on strengthening support for Micro, Small and Medium Enterprises (MSMEs), which often face challenges in accessing international markets due to limited finance options.
One of the major concerns discussed at the forum was the global trade finance gap, estimated at around USD 2.5 trillion. Limited access to affordable credit prevents many small businesses from expanding internationally.
Officials suggested that stronger digital systems, improved payment mechanisms and better financial support could help bridge this gap and bring more businesses into global value chains.
India’s push at the BRICS Business Forum reflects its larger ambition of expanding global economic partnerships while moving towards its goal of becoming a developed economy by 2047.
The focus on digital payments, local currency trade, startup cooperation and technology partnerships could shape the future direction of BRICS economic collaboration. As global trade patterns continue to change, India’s proposal for stronger digital connectivity and easier commerce among emerging economies is likely to remain a key discussion point.
