India Eyes Stronger Export Ties with BRICS Amid Energy Trade Deficit

India needs to bolster exports to BRICS nations to counter a trade deficit largely due to high energy imports, says BRICS Chamber Chairman Sameep Shastri. By enhancing product standards, focusing on exports, and utilizing digital payments, India aims to achieve balanced trade and economic collaboration within BRICS.

India is urged to increase its exports to BRICS countries to mitigate a trade deficit aggravated by substantial energy imports, according to BRICS Chamber of Commerce and Industry Chairman Sameep Shastri. He emphasized the need for every Indian household to have access to essential energy resources like LPG and petrol, highlighting India's large population and high consumption levels.

Revealing progress in manufacturing and product quality, Shastri suggested these improvements could pave the way for increased exports. Previously focused on quantity, India is now blending quality with volume, gaining acceptance even in sectors like pharmaceuticals, he noted.

Shastri stressed the necessity of emphasizing exports, maximizing economic complementarities within BRICS, and promoting technology sharing. He championed the adoption of local currencies and digital transactions to reduce conversion and transaction costs, citing India's Unified Payments Interface as a model for digital infrastructure. Addressing logistical hurdles, he acknowledged geography and geopolitical tensions as impediments while mentioning potential alternative routes like the Arctic route under exploration by India, China, and Russia.

Expressing optimism, Shastri looked forward to a potential trade agreement between India and Russia, aiming to exceed USD 100 billion in bilateral trade by 2030. He acknowledged ongoing discussions during India's BRICS chairmanship this year, focusing on broader trade expansion and developing resilient supply chains.