India Opposes BRICS Currency Plan, Commerce Minister Piyush Goyal Says New Delhi Does Not Support Scheme
· Free Press Journal
India has made its position clear on the proposal for a common BRICS currency, with Commerce and Industry Minister Piyush Goyal saying that New Delhi does not support any such initiative, PTI reported.
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Speaking to reporters after the conclusion of the two-day BRICS trade and industry ministers’ meeting in Jaipur, Goyal said India was opposed to introducing a currency for the grouping.
He said India did not favour the creation of a separate BRICS currency and would not support a scheme aimed at introducing one.
The issue has gained international attention in recent years as some BRICS members have explored ways to reduce their dependence on the US dollar in international trade and financial transactions. Russia and China, in particular, have backed discussions around alternatives to the dollar.
Shared Values Unite BRICS Nations, Says Union Minister Gajendra Singh Shekhawat At Bhopal Cultural FestivalIndia’s latest statement reinforces its position that it does not support the creation of a common currency for the 11-member grouping.
The BRICS bloc currently comprises Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates (UAE).
The grouping provides a platform for member countries to discuss and cooperate on economic and political issues of global and regional importance.
BRICS Ministers Discuss Trade, Investment And MSME Financing
Goyal said the meeting in Jaipur also focused on strengthening economic cooperation among BRICS members. Ministers discussed measures aimed at promoting more balanced trade and investment flows between member countries.
The discussions also covered ways to improve access to financing for micro, small and medium enterprises (MSMEs), which play an important role in employment generation and economic activity across developing economies.
India’s opposition to a BRICS currency comes amid continuing international debate over the role of the US dollar in global trade. In 2024, former US President Donald Trump had warned BRICS nations against attempts to replace the dollar with another currency.
Several BRICS members have increasingly explored greater use of local currencies for bilateral trade, partly to reduce exposure to currency fluctuations, sanctions and the US-led global financial system.
However, a common currency would require significant economic and monetary coordination among countries with widely different financial systems, inflation rates and monetary policies.