New Delhi, September 12 (Daily Kiran) : BRICS 2026 has introduced a new outlook on the global economy, with a recent agreement between India and Russia set to boost bilateral trade to $100 billion by 2030. Economist Rajiv Sahu shared these insights during a discussion on Saturday.
Sahu emphasized India’s strengths in sectors like food products, petroleum, and refining, while highlighting Russia’s capabilities in defense and technology—areas that are crucial for India. He noted that BRICS has showcased the relationship among Russia, India, and China, suggesting that these nations could collaborate to establish a new trade framework that counters the dominance of the dollar, benefiting all three.
Despite ongoing border disputes with China, Sahu expressed optimism about President Xi Jinping’s upcoming visit to India, viewing it as a positive step towards resolving historical conflicts.
During the BRICS 2026 sidelines, a bilateral meeting is anticipated between Prime Minister Narendra Modi and President Xi Jinping on Saturday evening, focusing on trade and investment issues.
In the fiscal year 2025-26, India’s exports to China surged by 36.62%, reaching $19.47 billion, up from $14.25 billion the previous year. Conversely, imports increased by 16.03% to $131.63 billion from $113.46 billion, leading to a widening trade deficit with China, which rose from $99.21 billion in 2024-25 to $112.16 billion in 2025-26.
Overall, India’s trade with China saw an 18.31% increase, totaling $151.10 billion. In a notable shift, China has now surpassed the United States to become India’s largest trading partner.
However, India’s trade deficit has been consistently growing over recent years, with figures reaching $83.2 billion in 2023-24, $73.3 billion in 2022-23, and $44 billion in 2021-22. This trend underscores the need for both nations to work towards a more balanced and sustainable trading relationship.
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