India’s BRICS trade doubles to $417 billion in five years: ASSOCHAM
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India’s trade with BRICS countries has more than doubled over the past five years, rising from $203 billion in 2020-21 to $417 billion in 2025-26, according to a report by the ASSOCHAM Global Research and Strategy Centre.
The report, titled The Rise of BRICS Nations: An Opportunity to Scale Indian Exports to USD 200 Bn to BRICS by 2030, said India’s exports to BRICS partner countries stood at $96 billion in 2025-26.
ASSOCHAM said India could increase its exports to BRICS countries to $200 billion by 2030 through enhanced South-South cooperation. The grouping, it said, offers India an opportunity to diversify its export markets beyond traditional destinations.
Engineering, pharma, and electronics among key opportunities
Indian companies could benefit from increased trade across sectors such as engineering goods, pharmaceuticals, chemicals, textiles and apparel, automobiles, electronics, minerals and metals, gems and jewellery, agricultural and marine products, renewable energy, healthcare, and digital services, the report said.
The report noted that trade dynamics would depend on the economic performance of BRICS+ countries, their trade policies and the broader global economic environment.
For India, the opportunity extends beyond increasing exports to strengthening production, sourcing and value chains, technology capabilities and settlement systems, it said. Indian businesses could also learn from the ecosystems and best practices developed across BRICS economies.
India’s growth strengthens its role in BRICS
Among major emerging economies, India recorded average GDP growth of more than 7% over the last five financial years, from 2021-22 to 2025-26, according to the report. The economy also grew 7.8% in the first quarter of the current fiscal year.
As one of the fastest-growing major economies, India can play a pivotal role in expanding the bloc’s economic engagement and facilitating a coordinated response to challenges arising from global geopolitical and economic developments, the report said.
Nirmal K. Minda, president of ASSOCHAM, said the growing global significance of developing and emerging economies in the bloc reflected the potential for growth under the principles of resilience, innovation, cooperation and sustainability.
“Recent initiatives for enhancing trade and cross-border investment under the BRICS framework are set to act as a significant catalyst across several high-growth sectors,” Minda said.
As a founding member of BRICS, India has strengthened trade, investment, dialogue and relations with member countries through strategic policy initiatives and a balanced approach, he added.
BRICS cooperation could improve access to critical resources
The report said trade cooperation remained essential amid geopolitical realignments. While the composition of BRICS cooperation continues to evolve, stronger trade ties could improve India’s access to critical minerals, energy, technology and capital.
It could also create new opportunities for manufacturing and help Indian companies integrate more deeply into global and regional value chains, the report said.