New Delhi: India has called for stronger digital and financial cooperation among BRICS countries, with Commerce and Industry Minister Piyush Goyal urging member nations to connect their payment systems and promote trade using local currencies.
Addressing the opening session of the BRICS Business Forum 2026, Goyal highlighted India’s digital public infrastructure and said the country’s Unified Payments Interface, or UPI, could serve as a model for deeper economic integration among BRICS nations.
Goyal said UPI has grown to more than 250 billion transactions annually and accounts for over half of the world’s digital payment transactions by volume. He also pointed out that the Indian payment system is already accepted in 11 countries.
Calling for greater financial connectivity, Goyal urged BRICS members and partner countries to link their respective payment platforms. He also advocated wider use of national currencies for bilateral trade and greater access to digital commerce.
The minister said closer cooperation in emerging technologies could help BRICS countries build stronger economic links and prepare for the future of global trade.
The BRICS Business Forum was organised ahead of the two-day BRICS Summit, which India is hosting in New Delhi on September 12 and 13 as the chair of the grouping for 2026.
The summit comes at a time of heightened uncertainty in the global economy. Ongoing geopolitical tensions, including the Russia-Ukraine war and the US-Iran conflict, along with disruptions around the Strait of Hormuz and changing tariff policies under the Trump administration, have created additional challenges for international trade.
Against this backdrop, India is seeking greater cooperation within BRICS on payments, local currency settlements, digital trade and emerging technologies.
