India Says BRICS Local-Currency Trade Needs Stronger Banking Infrastructure

Source: CNBC TV18 | Original Published At: 2026-09-15 16:33:51 UTC

Key Points

• India's Commerce Ministry said recent discussions among BRICS leaders and trade ministers broadly favoured encouraging more trade in local currencies.
• India said stronger banking channels and related infrastructure are needed to support wider use of local currencies for cross-border trade.
• Prime Minister Narendra Modi called for BRICS countries to remove their 10 biggest trade barriers and create 1,000 new business partnerships.
• Modi also proposed supporting 100 BRICS startups each year to expand into other member countries, with progress reviewed annually.
• Commerce Secretary Rajesh Agrawal said recent BRICS trade discussions had not yet produced concrete outcomes, with several issues still to be finalised.
• Agrawal said the Jaipur Consensus reached by BRICS trade ministers provides a broad framework for further discussions.
• On the rupee's depreciation, Agrawal said it was too early to assess the overall impact on exports, noting both potential benefits and costs.