India has firmly ruled out supporting the creation of a common BRICS currency, reiterating its preference for trade settlements in national currencies over a unified monetary system.
Minister of Commerce and Industry Piyush Goyal announced the stance on Friday following the conclusion of a two-day meeting of BRICS trade and industry ministers in Jaipur.
“India is not in favour of a BRICS currency,” Goyal told reporters. “We do not support the introduction of any such BRICS currency scheme; India opposes it.”
The statement sets clear boundaries on how far New Delhi is willing to go regarding de-dollarisation within the bloc. While member states—most notably Russia and China—have aggressively pushed for a joint currency to bypass Western financial dominance and mitigate sanction risks, India remains reluctant to surrender its monetary sovereignty or adopt a shared currency with economically divergent partners.
Instead, New Delhi has consistently advocated for internationalising the Indian Rupee (INR) and conducting bilateral trade using local currencies—an approach that maintains national control while reducing exchange-rate friction.
The debate over alternative currency arrangements has intensified alongside the rapid expansion of the bloc. Originally comprising Brazil, Russia, India, China, and South Africa (BRICS), the group has expanded to 11 nations, bringing Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) into the fold. The group now accounts for a significant portion of global trade and global energy supplies.
The drive toward de-dollarisation has also drawn sharp reactions from abroad. US President Donald Trump warned member nations against trying to replace the dollar, threatening 100% and more tariffs on countries backing a joint currency scheme.
According to Goyal, discussions at the two-day of meetings centered on promoting balanced trade, boosting cross-border investment, and ensuring access to affordable financing for micro, small, and medium enterprises (MSMEs) across the expanded bloc.
TOPICSPiyush GoyalThis article was first uploaded on August seven, twenty twenty-six, at thirty minutes past eleven in the night. © The Indian Express (P) Ltd