- Diplomats at the BRICS+ policy conference in New Delhi agreed that a common BRICS currency is not beneficial for member countries.
- Montek Singh Ahluwalia, former Deputy Chairman of India‘s Planning Commission, called the shared currency idea “nonsense.”
- Ahluwalia suggested focusing on practical cooperation, such as trade deals and shared learning in manufacturing, energy, and digital systems.
- He expressed skepticism about expanding BRICS, recommending internal reforms before accepting new members.
- Ahluwalia stressed that BRICS should be a small, effective voice for the Global South rather than an unfocused negotiation forum.
At the BRICS+ policy conference held Wednesday in New Delhi, diplomats from various countries reached a consensus that introducing a common BRICS currency is not in the interest of any member nation. The discussion highlighted the need for practical cooperation over currency union.
Montek Singh Ahluwalia, former Deputy Chairman of India’s Planning Commission, stated clearly that a shared BRICS currency is illogical. “Whoever’s writing papers for the government should have the courage to say it: a common BRICS currency is not in India’s interest, or anyone else’s,” he said, adding that the idea was “nonsense.” Ahluwalia urged the alliance to prioritize learning from each other’s economic growth and collaborating on trade, manufacturing, energy, and digital systems instead of pursuing a joint currency.
The former policymaker emphasized that BRICS member countries have demonstrated meaningful economic progress and should focus on sharing these successful models. He remarked, “It makes far more sense to talk about trading with Africa or learning from China’s power model than to dream of a shared currency.”
Ahluwalia also expressed doubts about expanding BRICS beyond the original five founding members. He advocated for internal reforms within the group before admitting new countries, arguing the alliance would be stronger as a focused, small voice for the Global South. “BRICS would have been much better off as a small, serious voice of the ‘Global South’. It needs to stop behaving like a negotiating forum with no one on the other side and instead focus on internal reform and mutual learning,” he said. He encouraged members to learn from each other’s successes and not just share India’s experience.
The discussion reflects ongoing debates within BRICS about its future direction and priorities, emphasizing cooperation and growth over ambitious monetary integration.
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