As India hosts the 18th BRICS Summit in New Delhi on September 12–13, 2026, strengthening trade, supply-chain resilience and manufacturing links across the Global South has emerged as a key economic priority. The grouping’s intra-bloc merchandise trade has grown more than 13-fold, from $84 billion in 2003 to $1.17 trillion in 2024, according to India’s Commerce Ministry and UN Trade and Development (UNCTAD).
Yet India faces a major imbalance: in FY2025-26, its 10 BRICS partners accounted for nearly 42% of its merchandise imports but only 22% of exports, leaving a $226.1 billion trade deficit.
Against this backdrop, New Delhi is seeking to use BRICS to diversify sourcing, strengthen manufacturing partnerships and make supply chains more resilient, while positioning India as a potential alternative manufacturing hub amid the global “China+1” push.
Commerce and Industry Minister Piyush Goyal has called on BRICS members to open markets, reduce non-tariff barriers, link payment systems and promote trade in local currencies. External Affairs Minister S. Jaishankar has also identified supply-chain connectivity, trade facilitation and innovation as priorities.
India Seeks Deeper Trade Links
The scale of BRICS trade shows why India sees the grouping as an economic opportunity. UNCTAD says trade between the 10 BRICS members has expanded more than 13-fold since 2003, with exports reaching $1.17 trillion in 2024.
However, despite the rapid growth, intra-BRICS trade remains below its potential: the members collectively account for more than two-thirds of the Global South’s GDP, while trade among them represents only around 20% of South-South trade.
India wants to turn that untapped potential into greater opportunities for its manufacturers and exporters. Speaking at the BRICS Business Forum on September 11, Goyal called for “deeper, more resilient and balanced” trade, urging members to simplify regulations and improve market access.
He highlighted agriculture, pharmaceuticals, engineering, electronics, automobiles, services, startups and emerging technologies as areas for greater cooperation. Prime Minister Narendra Modi has similarly described India as an economic bridge at a time when trade barriers are rising globally, while stressing infrastructure, strategic technologies, digital platforms and stronger business-to-business partnerships.
The China-Plus-One Challenge
India’s manufacturing ambition, however, comes with a significant contradiction: the country remains heavily dependent on imports from BRICS partners, particularly China. Business Standard reported that India imported goods worth $321.8 billion from its 10 BRICS partners in FY2025-26, compared with exports of $95.7 billion, resulting in a $226.1 billion deficit.
Media reported on September 12 that China became India’s largest import source during 2025-26, supplying about $132 billion worth of goods, including critical components. This makes India’s “China+1” opportunity more complicated than simply replacing Chinese manufacturing.
For global companies, diversification often means retaining some production in China while developing an additional manufacturing base elsewhere. India is trying to capture that opportunity by strengthening domestic manufacturing and connecting it with markets across Asia, Africa, the Middle East and Latin America.
Its BRICS presidency has therefore pushed initiatives including a proposed BRICS Logistics Supply-Chain Cooperation Framework, aimed at improving transport connectivity, resilience and cooperation across supply chains.
A BRICS Incubator Network and Startup Innovation Fund are also being considered to deepen industrial and technology cooperation. At the same time, India is pushing for better cross-border payments; Reuters reported that New Delhi is advocating a possible link between BRICS central bank digital currencies, although political and technical hurdles remain.
The Logical Indian’s Perspective
India’s BRICS strategy presents an important opportunity, but the numbers also underline the work ahead. A resilient supply chain should not mean simply shifting dependence from one country to another; it should create more diverse, reliable and mutually beneficial economic partnerships. India’s push for stronger manufacturing, easier trade, better logistics and digital payments can help smaller businesses and emerging economies participate more meaningfully in global commerce.
At the same time, a $226.1 billion trade deficit with BRICS partners shows that greater trade alone is not enough India needs to increase the value and competitiveness of what it exports. The bloc itself also faces differences over geopolitics, China’s economic dominance and the future of global trade, making dialogue and practical cooperation essential.
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