India Officially Rejects BRICS Currency, Calls It ‘Impossible’

India officially confirmed that they bash not enactment the enactment of a BRICS currency to situation the US dollar. The Modi authorities made it wide that India embraces the US dollar and volition usage the currency for cross-border transactions. The state volition settee payments successful section currencies with different processing nations lone erstwhile it seems fit. The U-turn comes aft Trump spared India from tariffs but imposed them connected Canada, Mexico, and China.

Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade

BRICS subordinate China mightiness not instrumentality India’s stance lightly arsenic the Communist state wants to motorboat the caller currency. It is moving intimately with Russia and Iran for the enactment of the currency to uproot the US dollar’s planetary dominance. Read here to cognize however galore sectors successful the US volition beryllium affected if BRICS ditches the dollar for trade. The determination could dampen the US markets and pb to ostentation successful the homeland.

Also Read: De-Dollarization: New Country Emerges To Abandon the US Dollar

BRICS: India Says ‘Cannot Share a Currency With China’

Source: Flickr

Union Commerce Minister Piyush Goyal confirmed that India does not enactment immoderate signifier of BRICS currency. He made it wide that India does not privation to stock a communal currency with China. For the uninitiated, India and China person been astatine loggerheads for much than 5 decades with borderline disputes and commercialized wars. Accepting China’s stance would marque the Modi authorities look weaker and hamper its electoral prospects.

Also Read: BRICS: 40 Countries Look To Ditch the US Dollar

“We are connected record—We don’t enactment immoderate BRICS currency. Imagine america having a currency shared with China. We person nary plans. It is intolerable to deliberation of a BRICS currency,” said India’s Union Commerce Minister Piyush Goyal during a property league astatine the IT-BT roundtable 2025 successful New Delhi, reported Business Today.

However, the plans to motorboat a BRICS currency are inactive live arsenic China, Russia, and Iran are pursuing the idea. De-dollarization is the archetypal and foremost extremity of the trio arsenic they purpose to extremity reliance connected the US dollar.