Story perspectives

Modi Hands BRICS Chairmanship to China After Summit

By Drooid · Sep 14, 2026, 2:38 PM UTC · How we work

Summary

Modi Hands BRICS

Narendra Modi handed the BRICS chairmanship to China after the 18th summit.
Modi urged members to turn the 140-point New Delhi Declaration into time-bound actions.
The 45-page declaration was adopted unanimously despite divisions over the West Asia war.
China secured language praising zero-tariff treatment for over 50 African nations.
India and Russia aim to raise trade to $100 billion by 2030.

Summary

India Hits Record Deficit

India’s trade deficit with China hit a record $112.16 billion for the year ending March 2026.
Bilateral trade volume rose to $151.1 billion, with China supplying $132 billion of Indian imports in FY 2025/26.
Indian firms depend on Chinese rare-earth magnets for EV and renewable-energy projects, exposing supply-chain vulnerability.
Analysts warn the doubled-over decade-long trade imbalance limits the speed of economic rapprochement.

History

Historical Context

When China entered the World Trade Organization in 2001, its exports to India surged, reshaping bilateral commerce and prompting policy debates. By 2005, the Indian Ministry of Commerce reported Chinese goods comprised 30% of India’s import basket, worth $15 billion and growing annually. Now the BRICS summit’s Declaration, handed to China by Narendra Modi, aligns with a $112.16 billion trade deficit and reliance on Chinese rare-earth magnets for EVs. The 2001 WTO precedent warns that without diversified sourcing, India may sustain imbalances, prompting strategic pivots toward Russia and over-50 African nations seeking zero-tariff access.

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Modi Hands BRICS

Narendra Modi handed the BRICS chairmanship to China after the 18th summit.
Modi urged members to turn the 140-point New Delhi Declaration into time-bound actions.
The 45-page declaration was adopted unanimously despite divisions over the West Asia war.
China secured language praising zero-tariff treatment for over 50 African nations.
India and Russia aim to raise trade to $100 billion by 2030.

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