India’s exports to BRICS countries can reach $200 billion by 2030: ASSOCHAM

New Delhi, June 18 (IANS) India’s exports to BRICS countries have the potential to more than double to $200 billion by 2030 from $96 billion in FY26, driven by stronger South-South cooperation, rising manufacturing competitiveness and evolving demand-supply dynamics within the bloc, apex industry body ASSOCHAM said on Thursday.

According to an analysis by the ASSOCHAM Global Strategy and Research Centre (AGSRC) — a subsidiary of ASSOCHAM — India’s share in total imports by BRICS countries could rise to 4 per cent by 2030, creating significant opportunities for export-led growth.

Cooperation between India and BRICS nations has strengthened considerably in recent years, supported by initiatives across trade, investment, digital economy, green development, industry, supply chains and financial cooperation, it added.

India’s bilateral trade with BRICS countries reached $417 billion in FY26, highlighting the growing importance of the grouping in the country’s external trade basket.

The report further noted that the increased competitiveness of India’s manufacturing sector and emerging trade patterns among BRICS members support a stronger export growth trajectory under the expanded BRICS Plus framework.

ASSOCHAM Secretary General Saurabh Sanyal said the BRICS grouping is emerging as an important force in the evolving global economic order.

“In the current global economic landscape, the trajectory of multilateral institutions is undergoing a pivotal shift and BRICS is an important dynamic participant in this transformation,” he said.

Sanyal added that India, as a founding member of BRICS, has consistently strengthened trade, investment and economic ties with member nations through a balanced and pragmatic approach.

The report further showed that India remains one of the fastest-growing major economies, recording average growth of more than 7 per cent during FY21-FY26.

Moreover, economic growth is projected to remain between 6.5 per cent and 7 per cent this year, it added.

–IANS

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