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India opposes BRICS currency, says Piyush Goyal
India has stated it does not support the creation of a separate BRICS currency, with Commerce and Industry Minister Piyush Goyal explicitly opposing any such scheme. Speaking after a two-day meeting of…
The Story in Brief
India has stated it does not support the creation of a separate BRICS currency, with Commerce and Industry Minister Piyush Goyal explicitly opposing any such scheme. Speaking after a two-day meeting of BRICS trade and industry ministers in Jaipur, Goyal said, 'India is not in favour of a BRICS currency and we do not support the introduction of any such scheme.'
The remarks come amid growing calls from some BRICS members, particularly Russia and China, to develop an alternative to the US dollar. In 2024, US President Donald Trump had warned BRICS nations against any attempt to replace the greenback. During the Jaipur meet, ministers also discussed promoting balanced trade and improving financing access for MSMEs.
The Indian Opinion
The push for a BRICS currency is often framed as a bold challenge to dollar dominance, but India's rejection shows the idea was always a headline-grabbing fantasy. New Delhi sees little gain in undermining the dollar-based system when its own trade and foreign reserves depend on it. The real test is whether BRICS can deliver on practical cooperation, like easier trade financing for small firms. Can the bloc move past symbolic gestures to actual economic integration? That answer will matter more than any hypothetical currency.
Source: economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
