Experts say India's innovation drive can boost BRICS and world economies

Industry analysts gathered at the BRICS Business Forum highlighted how India's focus on technology and innovation can ripple across the broader BRICS network. Harshpati Singhania, chairman of JK Paper Ltd and head of the International Chamber of Commerce, warned against labeling growing bilateral trade in local currencies as de‑dollarisation, yet acknowledged that such moves are gaining traction.

He cited ongoing trade settlements with the United Arab Emirates and Russia in their own currencies, suggesting that while the US dollar will remain dominant, the use of domestic currencies in bilateral deals is likely to rise.

Rajat Agrawal, CEO of Barista Coffee, stressed that the government's aim to involve the business community more actively in development is already bearing fruit. He highlighted India's integrated digital payment ecosystem, which now reaches even remote corners of the country. Agrawal argued that scaling the UPI model globally could enhance India's financial diplomacy and amplify its economic influence.