Modi spotlights UPI and manufacturing growth in BRICS trade push
At the BRICS Business Forum, PM Modi said the bloc’s economies are growing about twice as fast as the global rate, highlighting India’s manufacturing expansion, startup base and UPI’s role in digital payments while calling for deeper intra-BRICS trade and talent mobility.
What happened
Unified Payments Interface (UPI) · PM Modi highlighted India’s manufacturing, startup and digital-payments growth at the BRICS Business Forum, calling for
Key facts
- 21-nation BRICS grouping
- Nearly 40% of global economy
- BRICS economies growing roughly twice the global growth rate
- More than 2 lakh Indian startups
- UPI involved in around 50% of global payments
Why this matters
Payment networks, banks and commerce platforms should evaluate partnerships that connect UPI rails to cross-border settlement, merchant acceptance and trade-finance services.
What to watch
- New UPI corridor agreements or live merchant-payment launches with BRICS member or partner countries.
- BRICS commitments on payment messaging, CBDC interoperability, local-currency trade or digital identity standards.
- Growth in India-BRICS bilateral trade volumes, especially consumer goods and intermediate manufacturing imports.
- Indian manufacturing investment announcements, export incentives or logistics upgrades tied to BRICS markets.
- Marketplace, airline, OTA and retail-payment announcements enabling UPI for foreign customers or Indian outbound travelers.
- Track RBI, NPCI and partner-country announcements on UPI linkage, QR interoperability and local-currency settlement.
- Assess India-based supplier capacity and compliance readiness for categories vulnerable to China-plus-one sourcing shifts.
- Prioritize payment-service partners with India and BRICS licensing, FX capabilities and merchant-acquiring networks.
- Model lower payment costs and faster settlement for India-linked cross-border marketplace sellers and travel retail.
- Watch whether major marketplaces add UPI acceptance or localized checkout for BRICS-origin customers.