India Champions Barrier-Free BRICS Trade with Local Currency & Digital Collaboration Push
At the 17th BRICS Summit, India advocates for barrier-free trade using local currencies and digital collaboration. Business leaders praise Digital India’s model and back deeper economic integration across the expanded BRICS bloc
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During his visit to Brazil for the 17th BRICS Summit, Prime Minister Narendra Modi underscored India’s commitment to deeper economic integration within the BRICS bloc. Business leaders, led by Onkar Kanwar, Chair of the BRICS Business Council, called for eliminating trade barriers and embracing local currency settlement to streamline trade across member nations—reducing reliance on the U.S. dollar.
Highlighting India’s digital transformation as a blueprint for emerging economies, Kanwar emphasized the need to share Digital India platforms with fellow BRICS nations to ensure inclusive access—even for the smallest shopkeeper. The Council’s discussions also explored youth employment, industrial cooperation, and digital collaboration.
Participants praised India’s vibrant startup ecosystem, with startups and finance leaders expressing confidence that India’s upcoming BRICS presidency would boost bilateral trade in national currencies, collaborative digital initiatives, and renewable energy partnerships. With BRICS now expanded to ten members—including Egypt, Ethiopia, Iran, and the UAE—the summit marked a pivotal moment for India to drive a more equitable and multipolar global economy.
