India Proposes BRICS Payment System Integration

India’s Unified Payments Interface operates in 11 countries. Union Minister Piyush Goyal called on BRICS nations to connect their digital payment networks. This move aims to reduce reliance on the US dollar for cross-border transactions.

Goyal stated that local currency trade can lower settlement costs. The proposal includes simplifying regulatory procedures for goods movement. These steps are designed to create more resilient supply chains within the bloc.

Non-Tariff Barriers Cost More Than Tariffs

Non-tariff measures increase export costs for 88 percent of countries. Goyal noted that these regulatory hurdles are more burdensome than tariffs. He urged members to streamline customs clearance procedures for consignments.

The minister emphasized the need for easier market access. This includes raw materials and critical minerals. He argued that supply chains must function in both directions to ensure stability.

India Targets Manufacturing and Services Exports

India views BRICS as a key market for engineering goods. Electronics and pharmaceuticals are also priority export categories. The government seeks to deepen cooperation in the services sector.

Goyal proposed mutual recognition of professional qualifications. This would facilitate the movement of skilled workers. He also highlighted the role of startups in driving economic growth.

Women-Led Startups Drive Economic Cooperation

More than 45 percent of India’s 250,000 recognized startups have a woman partner or director. Goyal called for increased participation of these enterprises in trade fairs. He proposed collaboration among agri-tech startups across member states.

These discussions are part of the BRICS Business Forum in New Delhi. The event precedes the annual BRICS Summit. India aims to use this platform to advance its goal of becoming a developed nation by 2047.