BRICS is now just a forum for talk, but it is a structural reality for India. And India doesn’t sit at its centre by accident but by design. The number of member countries has increased from 5 in 2006 to 11, plus 10 partner countries. BRICS now commands nearly 40% of global GDP, 26% of global trade, and about half of the planet's population. So this bloc is not a simple multilateral forum but has the economic gravity of a very big continent. However, India runs a trade deficit of more than $200 billion with the BRICS nations, while India’s trade with the USA and Europe is more favourable. The USA is the largest trade partner of India, with which India has a huge trade surplus. So, a section of India is asking about the relevance of India’s membership in BRICS and the benefits that India drive from the exercise over two decades. While many already have prejudices, many fear the dominating presence of China in the group. These questions and prejudices are not uncalled for. The stark trade data and China's moves makes these questions relevant.
China is the largest economic and military member of this group, with a share of more than 30% of the group’s GDP. On the income front also, China contributes the most. So there is fear that China will be using this group to further its national interests, and this fear is loud and clear in Indian discourse.
Intra-BRICS merchandise trade reached $1.17 trillion in 2024, compared with around $100 billion in 2006. India is the second-largest member in the group. India’s Trade with BRICS nations has more than doubled from $32 billion in 2006 to $203 billion in 2021 to $417 billion in 2026. Imports from the bloc now account for 41.5% of India's total merchandise imports, up from 35.2% five years ago. However, when it comes to exports, India lags within the group. BRICS' share in India's exports has slipped slightly to 21.7%. India’s trade deficit with BRICS stands at a staggering $226 billion in FY26. This is not a problem to be solved with platitudes. It is a structural imbalance that demands policy, not rhetoric.
Rajeev Upadhyay
China is the largest economic and military member of this group, with a share of more than 30% of the group’s GDP. On the income front also, China contributes the most. So there is fear that China will be using this group to further its national interests, and this fear is loud and clear in Indian discourse.
Intra-BRICS merchandise trade reached $1.17 trillion in 2024, compared with around $100 billion in 2006. India is the second-largest member in the group. India’s Trade with BRICS nations has more than doubled from $32 billion in 2006 to $203 billion in 2021 to $417 billion in 2026. Imports from the bloc now account for 41.5% of India's total merchandise imports, up from 35.2% five years ago. However, when it comes to exports, India lags within the group. BRICS' share in India's exports has slipped slightly to 21.7%. India’s trade deficit with BRICS stands at a staggering $226 billion in FY26. This is not a problem to be solved with platitudes. It is a structural imbalance that demands policy, not rhetoric.
Rajeev Upadhyay
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