How BRICS Bank’s Rupee Bonds and Record Russian-Indian Trade Accelerate BRICS Integration — and What It Means for Business?

Two signals served as catalysts: The New Development Bank (NDB) is preparing its debut bond issue in Indian rupees by the end of March 2026, and Russian-Indian trade has reached a new high, showing double-digit growth in 2024. This was reported by RBC with reference to Reuters and confirmed by Russian Deputy Prime Minister Dmitry Patrushev at World Food India 2025.

What Exactly Does the New Development Bank Plan and Why Is It Important for the Rupee?

The NDB aims to place its first rupee-denominated issue, equivalent to $400–500 million and maturing in 3–5 years, by the end of March 2026. This will add liquidity to the Indian debt market and support the internationalization of the rupee. Negotiations with the Reserve Bank of India are in an advanced stage. Previously, the NDB had already raised funds in yuan and rands, and according to its strategy, the bank aims to secure up to 30% of its funding in the currencies of member countries.

NDB Chief Financial Officer Monale Ratsoam confirmed that the bank is working with the Indian government and regulators on attracting funds in the local market to finance Indian projects in local currency, without disclosing details. He provided this comment to Reuters, as cited by RBC.

"The issue will attract interest from investors focused on emerging markets and the de-dollarization trend… It can also be seen as a step towards the internationalization of the rupee."

This is how JB Drax Honore strategist Vivek Rajpal assessed the potential effect, with his words cited by Frank Media.

How Fast Is Russian-Indian Trade Growing and Where Are the Next Growth Points?

According to officials, the trade turnover between Russia and India increased by 12% in 2024, reaching a record high. Both sides expect continued growth, as stated by Deputy Prime Minister Dmitry Patrushev at World Food India 2025, according to Interfax.

On the agenda are talks on a free trade agreement between the EAEU and India and the idea of creating a BRICS grain exchange to increase mutual supplies in the agro-industrial complex. Both topics were discussed during Patrushev's meetings with Prime Minister Narendra Modi, as reported by Big Asia.

Industry examples confirm the trend: Miratorg Agro-Industrial Holding tripled its pork shipments to India in 2025 (over 300 tons) and supplies about 7,000 tons of soybean oil. Further growth is linked to a potential EAEU-India FTA. This was stated by the holding's president, Viktor Linnik.

The dynamics of the agro-industrial complex indicate a broader connection: logistics, settlements, and the localization of supply chains in India are coming to the forefront.

How Does This Fit into De-dollarization and Global Shifts?

India and China are synchronously expanding the international use of their currencies. Beijing is strengthening its support for yuan issues in Hong Kong, while the Indian regulator is expanding opportunities for foreign investment in the country. This context was outlined for investors by Reuters. Against this backdrop, the NDB's rupee issue carries both symbolic and practical momentum: it creates demand for rupee assets and a channel for project financing without relying on the dollar, as emphasized by agency sources.

"The issue will attract interest from investors focused on emerging markets and the de-dollarization trend…" — Vivek Rajpal's assessment, voiced in Reuters and reproduced by Frank Media.

Additional geopolitical background: Some analysts link tariff escalation in the United States and pressure on the dollar to accelerated market fragmentation. This position, citing comments from Kenneth Rogoff and other assessments, was reported by Belnovosti.

What Are the Tactical Steps and Risks for BRICS+ Companies in the Next 6–12 Months?

• Gateway to the Rupee: The NDB's debut in INR will increase local liquidity and expand the investor base for projects in India, especially infrastructure and green projects, with less reliance on dollar funding.
• Agro-Industrial Complex as a Fast Growth Channel: Confirmed growth in supplies (pork, oils) and discussions on the EAEU-India FTA create opportunities for scaling export lines and co-production in India, as already exemplified by cases at World Food India 2025, reported by Interfax.
• Monitor NDB Issue Parameters: The volume ($400–500 million) and maturity (3–5 years) benchmarks will serve as a benchmark for future corporate and sub-sovereign INR instruments.
• Currency Diversification: The expanding use of the rupee and yuan is changing the demand structure for dollar assets in the region. This argues for reassessing currency policies and hedging in supply chains.
• Geopolitical Risk Buffer: Increased trade barriers in developed economies could heighten volatility in capital flows and commodity prices. This risk factor concerning the dollar and tariffs was noted by media outlets, referencing economists' opinions.