The BRICS New Delhi Declaration provides an important platform to decode deeper economic cooperation among BRICS countries into tangible opportunities for Indian industry, with potential gains for exports, MSMEs, manufacturing, investment, digital payments and integration into global value chains.
The Declaration places significant emphasis on strengthening the internationalization of MSMEs, recognising affordable finance as a key constraint on their participation in international trade and global value chains. The guiding principles for credit assessment of export-oriented MSMEs and the study of an Invoice Discounting Mechanism to help unlock working capital for smaller businesses hold the key.
“The BRICS New Delhi Declaration provides an important opportunity to translate economic cooperation among member countries into tangible outcomes for Indian industry. The real impact will come from making cross-border trade and investment cheaper, quicker and simpler. For India, this can support export diversification, manufacturing competitiveness and deeper integration with emerging global value chains said Mr. Rajeev Juneja, President, PHDCCI.”
Improved cross-border payment mechanisms would be of particular significance for Indian businesses. The Declaration supports continued work on interoperability of payment and messaging channels and discussions on trade settlements and investments using BRICS local currencies.
The Declaration also provides a broader framework for strengthening manufacturing and investment cooperation. BRICS members highlighted the need for resilient and reliable supply chains and broader participation of emerging markets in higher-value segments of global manufacturing and production, including through trade, investment, technology transfer and productive-capacity development.
The emphasis on infrastructure, logistics and development finance could further support India's long-term competitiveness. The Declaration welcomes cooperation on PPPs and infrastructure, multilateral guarantees to mobilise private capital and reduce financing costs, and deeper cooperation in sustainable and resilient transport infrastructure and logistics supply chains.
The Declaration’s focus on digital transformation, artificial intelligence, green economy, climate finance and resilient infrastructure could create new avenues for Indian technology, infrastructure, clean-energy and services companies.
Economic gains from BRICS will ultimately depend on implementation and measurable business outcomes. Converting broad commitments into practical mechanisms for market access, trade finance, payments, logistics, investment and technology cooperation will be critical to ensuring that BRICS cooperation delivers sustained benefits for Indian businesses and the wider Indian economy.
“BRICS presents India with an opportunity to move beyond a traditional export-import relationship towards deeper production, investment and technology partnerships. India can strengthen its position to co-create resilient global value chains while creating new opportunities for manufacturing, investment and employment in India and across the member countries said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.”
