New Delhi: BRICS’ role in fostering economic cooperation, technological innovation and financial connectivity among emerging economies with discussions ranging from India-Russia ties and artificial intelligence to cross-border payment systems, industry experts said on Saturday while attending the summit.
Speaking to IANS, economist Rajiv Sahoo said India and Russia possess complementary strengths that can help deepen economic engagement. He noted that India is strong in sectors such as food products, petroleum products and refining, while Russia has significant capabilities in defence, technology and other strategic industries.
Sahoo said BRICS has underscored the importance of cooperation among India, Russia and China adding that the three countries could contribute to a more diversified global trade framework.
Referring to Chinese President Xi Jinping’s visit to India, he described it as a positive development that could help address long-standing bilateral issues and improve relations.
Artificial intelligence also emerged as a major theme during the summit as Egyptian AI expert Ahmed Gamal said BRICS provides an important platform for promoting technological cooperation and innovation among developing economies.
Gamal described India as a rapidly emerging global AI hub and said the scope for collaboration between India and Egypt in artificial intelligence is significant.
He added that continued dialogue among BRICS countries could lay the groundwork for joint projects, research partnerships and knowledge-sharing initiatives.
The AI expert also said the global economy is moving beyond generative AI towards agentic AI which has the potential to transform workplaces and significantly improve productivity across sectors if effectively adopted by governments and industries.
Meanwhile, ASSOCHAM President Nirmal K Minda has welcomed India’s leadership in advancing a pragmatic and future-ready BRICS agenda.
The summit is a significant step towards building a more inclusive, resilient and growth-oriented global economic architecture, according to Minda.
“From industry’s perspective, its emphasis on expanding trade and investment, strengthening supply chains, promoting local-currency settlements, digital transformation, AI, energy security and sustainable development is particularly encouraging,” he said
BRICS Business Council head Andrey Mikhaylishin said the proposed BRICS Pay framework aims to connect the national payment systems of member countries. He explained that the initiative would act as a bridge between domestic payment networks, enabling travellers and businesses to conduct transactions more seamlessly across borders.
BRICS Pay India head Pawan Josh highlighted the long-standing trust between India and Russia, particularly in the defence sector, and said Moscow could play an important role in supporting India’s Make in India and Atmanirbhar Bharat mission.
He also pointed to India’s Unified Payments Interface (UPI) as an example of how locally adapted technology can evolve into a globally recognised digital payments model.
(IANS)
