The assisted reproductive technology (ART) industry, along with national biopolitical agendas, have contributed to a reconfiguring of the historical entanglements of race and reproduction. In this article, we interrogate this phenomenon by exploring the practice of gestational surrogacy through the lens of racial capitalism. Focusing on surrogates in India and intended parents in Sweden - parties that represent opposite nodes in the "global fertility chain" - we aim to contribute to the understanding of racial capitalism as it articulates in the present, by including biological (in addition to social) reproduction. Our analysis builds on previous research on India and Sweden, including our own ethnographic work on Indian surrogacy. We depart from observations of how policies and discourses of mobility and national belonging reflect hierarchical relations to socially valued reproduction, linked to gender, race, caste, class and migration status. While the reproduction of some families is privileged through cross border mobility for access to ARTs and transnational adoption, and in-migration of reproductive workers, reproduction among other families is denounced in public discourse. Women who are discouraged from reproducing are at the same time made "bio-available" through processes of dispossession, and engaged as bio- and reproductive labourers upholding the reproductive needs of more privileged groups.