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India’s role in BRICS is becoming increasingly important as global trade routes and supply chains undergo a major shift, according to Anant Goenka, president of the Federation of Indian Chambers of Commerce & Industry (FICCI).
Speaking ahead of the BRICS Summit in New Delhi, Goenka said the grouping could give member countries a platform to leverage their strengths in areas including manufacturing, energy, agriculture, technology and consumer markets.
The size of the bloc is a major advantage, he said, with BRICS accounting for a significant share of the global population and economy.
“This is the time for us to get together, where there is uncertainty on materials, uncertainty on suppliers, customers, logistics, energy availability, and each of us have our own strengths,” Goenka said.
BRICS opportunity goes beyond traditional trade
For Indian companies, BRICS could provide an opportunity to diversify supply chains and build deeper business relationships with other member economies, Goenka said.
Brazil has strong capabilities in agriculture, while Russia, Iran and Saudi Arabia have significant energy resources. India and China, meanwhile, bring manufacturing capabilities and large consumer markets.
The opportunity goes beyond buying and selling goods, Goenka said. Business ties could increasingly include joint ventures, technology sharing, investment and collaboration on sustainability.
That could become more important as companies around the world seek to reduce supply-chain risks and navigate uncertainty over materials, logistics and energy.
China remains important for Indian industry
China is likely to remain an important part of India’s industrial and supply-chain ecosystem despite strategic and trade tensions between the two countries.
Goenka noted that China is among India’s largest trading partners and that several Indian industries rely on components imported from the country.
Indian businesses should look beyond the traditional buyer-seller relationship and explore partnerships, joint ventures and technology collaboration with Chinese companies, he said.
At the same time, India’s large trade deficit with China remains a concern. Indian companies have historically struggled to compete with Chinese manufacturers, making greater access to the Chinese market important for Indian exporters.
The government is also using measures such as anti-dumping duties in sectors where imports are seen as putting pressure on domestic manufacturers.
BRICS shifts focus from announcements to outcomes
The current BRICS engagement is placing greater emphasis on execution, Goenka said.
Discussions are increasingly focused on identifying areas where member countries can work together and ensuring that those efforts result in tangible outcomes, he said.
The agenda includes resilience, innovation, sustainability and cooperation, as well as energy and food products.
For businesses, the focus is also broadening beyond conventional trade to investment, technology and innovation.
Digital payments offer another opportunity
Digital payments are another area where India could play a larger role across BRICS and other emerging markets.
Goenka highlighted India’s low-cost digital payments infrastructure as an innovation that could be extended to other emerging economies.
Wider adoption could particularly benefit micro, small and medium enterprises by making cross-border payments more accessible and efficient.
For full interview, watch accompanying video
Catch all the live updates from the BRICS Summit 2026
Speaking ahead of the BRICS Summit in New Delhi, Goenka said the grouping could give member countries a platform to leverage their strengths in areas including manufacturing, energy, agriculture, technology and consumer markets.
The size of the bloc is a major advantage, he said, with BRICS accounting for a significant share of the global population and economy.
“This is the time for us to get together, where there is uncertainty on materials, uncertainty on suppliers, customers, logistics, energy availability, and each of us have our own strengths,” Goenka said.
BRICS opportunity goes beyond traditional trade
For Indian companies, BRICS could provide an opportunity to diversify supply chains and build deeper business relationships with other member economies, Goenka said.
Brazil has strong capabilities in agriculture, while Russia, Iran and Saudi Arabia have significant energy resources. India and China, meanwhile, bring manufacturing capabilities and large consumer markets.
The opportunity goes beyond buying and selling goods, Goenka said. Business ties could increasingly include joint ventures, technology sharing, investment and collaboration on sustainability.
That could become more important as companies around the world seek to reduce supply-chain risks and navigate uncertainty over materials, logistics and energy.
China remains important for Indian industry
China is likely to remain an important part of India’s industrial and supply-chain ecosystem despite strategic and trade tensions between the two countries.
Goenka noted that China is among India’s largest trading partners and that several Indian industries rely on components imported from the country.
Indian businesses should look beyond the traditional buyer-seller relationship and explore partnerships, joint ventures and technology collaboration with Chinese companies, he said.
At the same time, India’s large trade deficit with China remains a concern. Indian companies have historically struggled to compete with Chinese manufacturers, making greater access to the Chinese market important for Indian exporters.
The government is also using measures such as anti-dumping duties in sectors where imports are seen as putting pressure on domestic manufacturers.
BRICS shifts focus from announcements to outcomes
The current BRICS engagement is placing greater emphasis on execution, Goenka said.
Discussions are increasingly focused on identifying areas where member countries can work together and ensuring that those efforts result in tangible outcomes, he said.
The agenda includes resilience, innovation, sustainability and cooperation, as well as energy and food products.
For businesses, the focus is also broadening beyond conventional trade to investment, technology and innovation.
Digital payments offer another opportunity
Digital payments are another area where India could play a larger role across BRICS and other emerging markets.
Goenka highlighted India’s low-cost digital payments infrastructure as an innovation that could be extended to other emerging economies.
Wider adoption could particularly benefit micro, small and medium enterprises by making cross-border payments more accessible and efficient.
For full interview, watch accompanying video
Catch all the live updates from the BRICS Summit 2026
