Brics summit: India pushes for trade without barriers; business leaders call for local currency use, digital collaboration
As Prime Minister Narendra Modi embarks on his visit to Brazil for the 17th Brics Summit, Indian business leaders and the Brics Business Council are pushing for deeper economic integration and seamless trade within the bloc.
Onkar Kanwar, chairman of the Brics Business Council, underlined that the grouping's central aim is to remove trade barriers, strengthen multilateralism, and promote local currency trade among members.
'We are trying to remove all the trade barriers… We can exchange businesses within our own countries, let's say from Russia to India. We can use local currencies… and that will go a long way,' Kanwar said on the sidelines of the summit, as quoted by news agency ANI.
He praised India's leadership in championing inclusive digital transformation and called for sharing India's successful digital platforms across Brics nations.
India's rapid digitalisation, according to Kanwar, is a model for emerging economies. 'Even if you've got the smallest person… if you go to any shop, he will have that digital platform. We should share that with other countries,' he noted, adding that Digital India's success could guide tech-led development across the bloc, as per ANI.
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The Brics Business Council's recent meetings have reportedly focused on youth employment, digital collaboration, and industrial cooperation. Kanwar also lauded PM Modi's efforts in fostering a robust startup ecosystem, which he said has created wide opportunities for the youth.
The Brics Summit in Rio de Janeiro will see PM Modi likely engage with leaders on issues like global governance reform, artificial intelligence, climate action, and economic cooperation.
He is also expected to hold bilateral talks with Brazilian President Luiz Inácio Lula da Silva in Brasilia, focusing on trade, defence, energy, technology, agriculture and cultural ties.
Ahead of the summit, several Indian business leaders shared their optimism about strengthening economic relations with Brazil and other Brics nations. According to ANI, Sameep Shastri of the Brics Chamber of Commerce and Industry said India's presidency next year is eagerly awaited and expected to be hosted in a 'grand manner,' akin to the G20.
VP Nandakumar of Manappuram Finance pointed to mutual strengths in India and Brazil that could benefit both economies, saying, 'This is an opportunity to understand each other... the Prime Minister's presence will lend a lot of confidence.'
Entrepreneurs like Archana Jahagirdar highlighted Brics as a platform for global startup growth, aligning with PM Modi's vision. Hemil Kiri, from Indoasia Copper Ltd, praised India's global positioning, stating, 'He's been leading us in a new direction… helping investors in all ways possible.'
Navneet Ravikar of Leads Connect Services noted Brazil's potential in agribusiness, particularly in animal husbandry and pulses cultivation, where India could benefit from Brazil's technology and land resources. 'We believe the PM's initiative by coming here will help foster collaborative business,' he said.
Bijoy Devadas of ERAM Group emphasised unexplored potential in areas like renewable energy and skill development. 'We're excited… the Group is exploring opportunities, especially in power electronics and R&D,' he told ANI.
With Brics now expanded to 10 countries, including new entrants like Egypt, Ethiopia, Iran, and the UAE, the Summit is expected to reinforce India's role as a key voice in shaping a more equitable and multipolar world economy.
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