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First Post
a day ago
- Business
- First Post
How much is Brics worth for India? A look at business, trade links
India's total trade with Brics nations touched $399 billion in 2024, growing at an annual rate of 20 per cent since 2020. The platform gives India access to vast markets, although trade deficits need to be addressed read more India's trade ties with the Brics bloc are expanding rapidly, as the country deepens its economic engagement with a group that now represents nearly half the world's population and about 40 per cent of global GDP. However, the surge in trade volumes has come with widening deficits, particularly with China and Russia, raising questions about the sustainability and strategic value of these partnerships, according to a report by Rubix Data Sciences. The Brics grouping, originally comprising Brazil, Russia, India, China, and South Africa, now includes Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Together, the 11-member bloc accounted for $10.5 trillion in trade in 2024, with Brics nations emerging as net exporters in global merchandise flows. STORY CONTINUES BELOW THIS AD India's growing trade with Brics India's total trade with Brics nations touched $399 billion in 2024, growing at an annual rate of 20 per cent since 2020. However, the country's trade deficit with Brics widened nearly threefold over the same period, from $68 billion to $209 billion. Imports from Brics countries reached $304 billion last year, up 24 per cent annually since 2020. That now accounts for 43 per cent of India's total imports, a significant rise from 35 per cent just four years earlier. A major driver of this surge is Russia, which has become India's top crude oil supplier. India imported an average of 1.76 million barrels per day from Russia in FY2025, making up 35 per cent of its total oil imports. Imports from the UAE, Indonesia, and China have also risen sharply. A lopsided equation? India exported $95 billion worth of goods to Brics countries in 2024, reflecting a slower growth rate of 11 per cent per year since 2020. These exports make up about 22 per cent of India's total export basket. While exports to South Africa, the UAE, Saudi Arabia, and Brazil have grown at healthy rates, the overall trade balance remains skewed. China alone accounted for a $94 billion trade deficit in 2024. Bilateral trade with China grew to $124 billion, but Indian exports to the country have fallen 6 per cent since 2020, while imports from China rose 17 per cent, driven largely by high-value electronics and industrial inputs, according to the Rubix report. Russia is another key concern. India's trade deficit with Moscow ballooned to $59 billion, up eighteenfold since 2020, mainly due to rising oil imports following the Ukraine war. Some bright spots Among the more balanced relationships is Brazil, with which India has no trade deficit. India's exports to Brazil, dominated by agrochemicals and petroleum products, have grown 16 per cent annually. Imports, largely sugar and agricultural products, grew at 13 per cent annually. India is also a major refiner and exporter of petroleum products within the bloc. With over 250 million metric tonnes of refining capacity, India ranks seventh globally in refined product exports, which feature prominently in its trade with at least six Brics partners. STORY CONTINUES BELOW THIS AD
Time of India
22-06-2025
- Business
- Time of India
Agrochem market may hit $14.5 bn by FY28; herbicide exports jump; sector set for 9% CAGR: Report
India's agrochemicals industry is forecast to grow to $14.5 billion by 2027-28, clocking a compound annual growth rate (CAGR) of 9 per cent, even as global headwinds persist, Rubix Data Sciences said in its latest outlook. The research firm pegs the current market size at $11.2 billion for 2024-25, up 8.7 per cent year-on-year despite a tough external environment marked by inventory destocking, aggressive Chinese price competition and muted demand in key export destinations. Agrochemical exports fell 22 per cent in FY 24 for the reasons above. Rubix, however, expects a 'moderate recovery' in 2024-25 as global supply chains stabilise and Indian players leverage their cost competitiveness. Herbicides outpace other segments A standout trend is the surge in herbicide shipments, which logged a 20 per cent CAGR between FY 20 and FY 25, lifting their share of total agrochemical exports from 31 per cent to 37 per cent. Rising farm-labour costs worldwide and India's ability to deliver affordable crop-protection solutions are driving demand. Japan has edged past Brazil as the second-largest buyer of Indian herbicides, while the United States and Brazil remain the top markets for insecticides and fungicides. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo 'Sector resilient, adapting fast' 'The drop in agrochemical exports over the past year has definitely been a setback, but it's also part of a larger global reset,' said Mohan Ramaswamy, co-founder and CEO, Rubix Data Sciences. 'What we are seeing now is Indian manufacturers adapting fast, whether it's by improving cost efficiency, diversifying portfolios, or tapping into new markets. The sector is resilient, and we believe the recovery under way will be steady and sustainable. At Rubix, we are committed to helping businesses make sense of these shifts through data-led insights that support smarter decisions and long-term growth,' he added. Rubix believes the combination of cost-competitive manufacturing, product diversification and new-market penetration will help the industry navigate global challenges and sustain momentum towards the $14.5-billion mark.
India Gazette
22-06-2025
- Business
- India Gazette
India's agrochemicals market eyes $14.5 billion by 2028 with 9% CAGR: Report
New Delhi [India], June 22 (ANI): India's agrochemicals industry remains resilient and is projected to grow to USD 14.5 billion by 2027-28, with a CAGR of 9 per cent, despite global headwinds, according to a report by Rubix Data Sciences -- a leading provider of risk management and monitoring solutions. CAGR is Compound Annual Growth Rate. According to the report, India's agrochemical industry is valued at USD 11.2 billion in 2024-25, having grown 8.7 per cent year-on-year despite a challenging global environment. Exports saw a sharp 22 per cent decline in 2023-24, driven by global inventory destocking, aggressive price competition from China, and weak demand in major markets. As global supply chains stabilise and agricultural activity rebounds, a moderate recovery is projected in 2024-25, supported by improved demand and cost-competitive manufacturing by Indian players. One of the key trends highlighted in the report is the rapid growth of herbicide exports, which recorded a 20 per cent CAGR from 2019-20 to 2024-25. Their share in India's total agrochemical exports rose from 31 per cent to 37 per cent over this period. According to the report released this week, the shift reflects both rising global demand fueled by the growing cost of agricultural labour--and India's strength in producing affordable, effective crop protection solutions. Japan has now overtaken Brazil as the second-largest export destination for herbicides, while the US and Brazil continue to lead as key markets for insecticides and fungicides. 'The drop in agrochemical exports over the past year has definitely been a setback, but it's also part of a larger global reset,' said Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences. 'What we are seeing now is Indian manufacturers adapting fast, whether it's by improving cost efficiency, diversifying portfolios, or tapping into new markets. The sector is resilient, and we believe the recovery underway will be steady and sustainable. At Rubix, we are committed to helping businesses make sense of these shifts through data-led insights that support smarter decisions and long-term growth,' Mohan Ramaswamy added. (ANI)
Entrepreneur
17-06-2025
- Business
- Entrepreneur
India's Growth Propelled by Strong Reforms, Digital Push, Rising Investments: Report
India's GDP is expected to double from USD 2.1 trillion in 2015 to USD 4.2 trillion in 2025, making it the world's fourth-largest economy by 2025 end. Projections also indicate that by 2028, India will surpass Germany to become the world's third-largest economy. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India, the world's fastest-growing major economy, propelled by strong reforms, infrastructure push, major digital initiatives, and rising investments, is positioned as a global powerhouse on track to become the fourth-largest economy in 2025, according a report by Rubix Data Sciences. Prime Minister Narendra Modi also said at an event in Cyprus that India will soon become the third-largest economy in the world. "India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focussing on 'trust of doing business', along with ease of doing business." India's Gross Domestic Product (GDP) is expected to double from USD 2.1 trillion in 2015 to USD 4.2 trillion in 2025, making it the world's fourth-largest economy by the end of 2025. Projections also indicate that by 2028, India will surpass Germany to become the world's third-largest economy. Retail inflation was down to a six-year low of 4.6 per cent in FY2025 and is expected to dip further; the Reserve Bank of India (RBI) has reduced its inflation forecast for FY2026 to 4 per cent. Fiscal deficit is set to decline from 4.8 per cent of GDP in FY2025 to 4.4 per cent in FY26, reinforcing the broader commitment to fiscal discipline and prudent macroeconomic management. All these factors put India on a positive growth trajectory. India has firmly established itself as a leading global investment destination, with cumulative Foreign Direct Investment (FDI) inflows crossing the USD 1 trillion mark (April 2000 to December 2024), a testament to its strong economic fundamentals and investor-friendly policies. In 2024, equity deals, including Initial Public Offerings (IPOs), hit a record USD 70 billion. Of this, about 75 per cent of the capital-funding IPOs were from domestic sources, a significant increase from just 25 per cent three years ago, the report said. In FY25, India's Unified Payments Interface (UPI), which handles an average of 580 million transactions daily, processed transactions worth INR 260.6 trillion, achieving a 59 per cent CAGR from FY21 to FY25. Moreover, India has the third-largest startup ecosystem in the world. The number of Department for Promotion of Industry and Internal Trade (DPIIT) recognised startups grew from around 500 in 2016 to 1,59,157 (as of January 15, 2025). India's IT-BPM sector aims to double its revenue to USD 500 billion by 2030 from about USD 250 billion currently, according to Rubix. India's export composition is led by IT services with a 53 per cent share; followed by software products at 25 per cent; BPM and Engineering and R&D (ER&D) at 22 per cent. Deeptech Startup Ecosystem India is harnessing its IT expertise to fuel the growth of deep tech startups working across critical domains such as defence, AI, quantum computing, semiconductors, and space technology, which are becoming central to India's ambition of achieving technological self-reliance and global competitiveness. India has one of the world's largest tech startup ecosystems, with over 35,000 tech startups, including nearly 4,000 focused on deep tech innovation, indicating India's position as a rising global innovation hub. In 2024 alone, deep tech startups in India attracted USD 1.6 billion in funding, a 78 per cent increase over 2023. This surge demonstrates growing investor confidence in India's capability to build foundational technologies. Seed and early-stage deep tech ventures captured over 35 per cent of the total tech startup funding, indicating strong support for emerging innovation at the grassroots level. Notably, 87 per cent of all tech funding was directed towards startups developing AI-driven solutions, emphasising AI's critical role in shaping future economic and industrial landscapes. Further, the government has also embarked on major initiatives such as the National Quantum Mission (NQM) at a total cost of INR 60 billion from 2023- 24 to 2030-31 and the ambitious IndiaAI Mission to strengthen the AI innovation ecosystem by allocating INR 103 billion over five years. The Union Budget 2025-26's allocation of INR 5,000 million (USD 58 million) for a Centre of Excellence in AI for Education will put further focus on deep tech technology. "India's economic outlook remains positive as it is poised to surpass Japan and become the fourth largest economy by the end of 2025, anchored by its proven resilience to external shocks over recent years. This resilience is expected to continue, supported by a broad-based recovery in capital expenditure, ongoing structural reforms, and rapid advancements in digital and physical infrastructure," the report said.
Skift
21-05-2025
- Business
- Skift
Indian Hotel Industry to Reach $13 Billion by 2027: What's Driving This Growth
Domestic and inbound tourism, along with a growing MICE segment, are the Indian hotel industry's biggest bets, as demand continues to outpace supply. The Indian hotel sector is expected to cross INR 1 trillion ($11.7 billion) by the end of the current financial year and touch INR 1.1 trillion ($13 billion) by 2026-27, according to risk management and monitoring platform Rubix Data Sciences. This figure stood at INR 820 billion ($9.6 billion) at the end of the 2024 fiscal year. In its recent industry report, the firm projected that the country's hospitality sector will grow 10.5% annually till March 2027. Three key factors are expected to drive this growth: domestic travelers, foreign arrivals, and MICE (meetings, incentives, conferences, and exhibitions) segment. Rubix estimates that domestic travelers will contribute 50% of the incremental growth in revenue, while foreign tourists are projected to account for a 30% revenue share. The MICE segment is expected to account for the remaining 20% increase in revenue, the report said. 'These drivers are expected to remain sustainable over the next three years and will significantly fuel the sector's expansion,' it said. On foreign tourist arrivals (FTAs), the report said that there was a positive correlation between foreign tourists and the average daily rates (ADRs) in the premium hotel segment. 'For businesses like Chalet Hotels, which derive 35%-40% of their revenue from foreign guests, FTAs are a key driver of ADR performance. Foreign tourists, with higher spending power and a preference for luxury services, are vital contributors to the demand for premium rooms.' It added that by 2028, foreign tourist arrivals in India are expected to reach nearly 30.5 million, up from 9.6 million in 2024. However, India is still struggling with low inbound numbers exacerbated by a low global tourism promotion budget. Growing Occupancy: According to the report, the occupancy rates of hotels is expected to reach 73% by 2026-27, up from 68% in 2024 financial year and the all-time low of 35% during the pandemic. This is expected as demand is projected to continue outstripping supply. 'Demand is projected to grow at a 10.5% annual rate, while supply is expected to increase by only 8% annually. This supply-demand imbalance is likely to reduce vacancy rates and drive higher occupancy levels, as hotels face increased pressure to meet the rising demand,' it said. This higher demand is driving more hotel companies into India. In April, six international hotel brands announced deals in India within a span of four days. Singapore-based The Ascott Limited announced its expansion plans with a focus on Tier-2 and 3 cities. Its Chief Operating Officer for EMEA & South Asia, Lee Ngor Houai said that there is a 'significant under-penetration of branded hotels' in smaller cities. For Accor's chairman and CEO Sébastien Bazin, India is 'one of the world's most exciting travel markets.' India also continues to be a cornerstone of Marriott International's future growth, with the company projecting that the country will become its third-largest market. Inside Radisson's Expansion Plans, Marketing Strategy Radisson Hotel Group's portfolio in India has expanded to 200 operational and developing properties. The chain has been present in the country for 26 years. Indians relate to Radisson as an Indian brand, Nikhil Sharma, managing director and chief operating officer for South Asia at Radisson Hotel Group told Skift. 'As an international brand, we are very local and nationalistic in our approach. We continue to grow because more than 50% of our portfolio is in smaller cities.' He said that over the next 5-7 years, India could go from 185,000 branded hotel rooms to 1 million operating rooms. The company is working on a program that aims to prepare its properties across the world for Indian travelers. The program, called Welcome India, is currently in the works, he said. Competition is intensifying in India as the brands present in India are increasing their inventory and more brands are entering. He said Radisson is counting on word of mouth and loyalty to help distinguish itself among an increasingly discerning customer base. Radisson is also upping its experiential offerings for sports enthusiasts, readers, and couples looking to get married soon. Indian Railways Unveils its SuperApp The Indian Railway Catering and Tourism Corporation (IRCTC) has unveiled its new mobile application SwaRail. The app is meant to be a unified platform for all railway-related services. SwaRail allows users to check their booking status, book meals, explore facilities on stations, and access tourist services. It also provides real-time train tracking service and eliminates the need for frequent logins. Last November, a report by Accenture revealed that Indians are dissatisfied with the existing travel planning options and are seeking a travel superapp. It added that travelers feel the booking process is the most complicated stage of a journey. Indian online travel agency MakeMyTrip is eventually planning to launch a travel superapp, while Skyscanner is also preparing to launch a new marketplace within its app offering a range of additional services. U.S. Imposes Restrictions on Indian Travel Agents The U.S. on Monday said it was imposing restrictions on the owners, executives, and senior officials of India-based travel agencies for knowingly facilitating illegal immigrants to the North American nation. It added that its India Mission was working 'actively' to identify and target individuals and agencies involved in facilitating illegal immigration and human smuggling operations. 'Our immigration policy aims not only to inform foreign nationals about the dangers of illegal immigration to the United States but also to hold accountable individuals who violate our laws, including facilitators of illegal immigration,' the U.S. Mission in India said in a statement. This comes just days after the U.S. warned Indian citizens against overstaying in the country. 'If you remain in the United States beyond your authorized period of stay, you could be deported and could face a permanent ban on traveling to the United States in the future,' the India mission of the U.S. said on Saturday. Delhi Airport Operator Divests in Aviation Services Company for $1.5 Million Delhi Airport operator DIAL has sold its entire 50% stake in Delhi Aviation Services (DASPL) for INR 130 million ($1.5 million). The stake has been sold to Bird Flight Services, which already held a 25% share in the company. Delhi Aviation Services was given the concession to run the operations of bridge-mounted equipment, including ground power units, pre-conditioned air units and supply of potable water to aircraft at Terminal 3 of the Delhi Airport. However, according to a regulatory filing, the company is currently not carrying any business operations. Evoke Experiences Announces New Experiential Hotels Experiential hotels company Evoke Experiences is undertaking a strategic expansion to grow its presence in the hospitality landscape. The company said Monday that the expansion would mark a shift in its operating model, which currently focused on immersive glamping retreats and cultural tent cities. Now, the company will widen its experiential properties portfolio and will look for asset leasing and management collaborations. Currently, it operates 750 keys and plans to expand this figure to 1,000 by the end of the year. It also said that while it has a property coming up in Ayodhya, the company is preparing to launch a new site in Gujarat's Gir.
