- India confirmed it will not participate in BRICS plans to reduce dependence on the U.S. dollar.
- Indian officials stated there are no current discussions about creating a common BRICS currency.
- India aims to increase the use of its local currency for cross-border transactions but emphasized the initiative is in the early stages.
- India underscored that it does not align with the full BRICS de-dollarization agenda.
- Economic ties to the U.S., especially in IT and service sectors, influence India’s position on global currency changes.
On Thursday, India made clear it will not join efforts by BRICS member nations to reduce reliance on the U.S. dollar in trade and cross-border transactions. The statement followed the 17th BRICS summit held in Brazil, where leaders discussed strategies for future cooperation.
Randhir Jaiswal, the External Affairs Minister of India, confirmed the group’s discussions about using local currencies for trade settlements. However, he noted there were no talks about establishing a shared BRICS currency. “De-dollarization is not something which is on the agenda,” Jaiswal stated, clarifying India’s stance.
He further explained, “Cross-border payments, yes. BRICS have talked about local currencies, but de-dollarization is not something that is there on the agenda.” The minister also said that although India is exploring cross-border transactions using its own currency, the process remains at an early stage and needs further development before launch.
Recent talks in BRICS have included discussions about local currency usage, but India has avoided supporting efforts to limit the U.S. dollar’s role. Since 2017, India has not engaged in the de-dollarization trend that some developing countries are pursuing.
Economic connections with the United States, especially in information technology and service sectors, contribute to India’s cautious approach. The article notes that outsourcing from the U.S. creates significant employment and supports multiple industries within India, making the government reluctant to risk these ties. For more details, see statements from Randhir Jaiswal.
At the recent BRICS summit, Prime Minister Narendra Modi led the Indian delegation, and the official joint statement highlighted that several key points were addressed, but de-dollarization was not included.
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