India has seen a significant surge in its trade relations with BRICS member countries, with total commerce more than doubling over the past five years. A recent research report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) reveals that trade expanded from $203 billion in 2020-21 to an impressive $417 billion by 2025-26.
This substantial growth underscores the increasing economic integration and cooperation among the BRICS nations (Brazil, Russia, India, China, and South Africa). ASSOCHAM highlights that strengthened South-South cooperation could further boost India's merchandise exports to the bloc, setting an ambitious target of $200 billion by 2030.
Export Ambitions and Key Sectors for Growth
The ASSOCHAM report, titled “The Rise of BRICS Nations: An Opportunity to Scale Indian Exports to $200 billion to BRICS by 2030,” indicates that India exported merchandise worth $96 billion to its BRICS partners in 2025-26. The industry body identifies BRICS as a crucial opportunity for Indian businesses to diversify their export destinations beyond traditional markets, fostering stronger commercial engagement.
Key sectors where Indian manufacturers and exporters can significantly benefit from deeper engagement with BRICS markets include:
- Engineering goods
- Pharmaceuticals
- Chemicals
- Textiles and apparel
- Automobiles
- Electronics
- Minerals
- Gems and jewellery
- Agricultural and marine products
- Renewable power
- Healthcare and digital services
According to ASSOCHAM President Nirmal K. Minda, the growing global significance of developing and emerging economies within BRICS reflects substantial potential for growth under the grouping’s theme of “Building for Resilience, Innovation, Cooperation, and Sustainability.” Minda emphasized that recent initiatives to enhance trade and cross-border investment within the BRICS framework are poised to act as significant catalysts across several high-growth sectors.
Strategic Importance and Future Outlook
India's expanding engagement with BRICS is increasingly vital as the grouping gains greater prominence in global economic and geopolitical affairs. The report suggests that stronger partnerships within the bloc could provide India with crucial access to critical minerals, energy supplies, advanced technology, and investment capital, while also creating new opportunities for Indian manufacturing.
With an average annual GDP growth exceeding 7% between 2021 and 2026, and a 7.8% expansion in the first quarter of the current fiscal period, India is positioned as one of the fastest-growing major economies. This robust economic performance enables India to play a larger role in expanding economic cooperation within BRICS and coordinating responses to global economic and geopolitical developments.
Ultimately, BRICS offers India a strategic avenue to broaden its export markets and secure access to vital resources and investment. Achieving the $200 billion export target by 2030, however, will necessitate deeper trade cooperation and greater integration between Indian suppliers and markets across the member countries.