At the IT-BT Round Table 2025, Union Commerce Minister Piyush Goyal stated emphatically that India does not support the idea of a common BRICS currency. He highlighted that the prospect of sharing a currency with countries such as China is not only unacceptable but also impractical, firmly positioning India against the proposal amid ongoing speculations about a bloc-wide monetary unit.
In line with this stance, External Affairs Minister S. Jaishankar reiterated that India sees no advantage in shifting away from the U.S. dollar, though the country does favor localized currency settlements with nations like Russia. This approach reflects India’s broader strategy of engaging with the Global South, while carefully preserving its economic and strategic relationships with Western partners such as the United States and the QUAD alliance.
The dynamics within BRICS are also evolving as the bloc expands, with Indonesia officially joining as the 10th member and Nigeria taking on a significant partnership role. Alongside growing interest from other ASEAN nations, discussions are underway on issues like climate finance, artificial intelligence cooperation, and sustainable governance. However, marked differences remain among members—while Russia and China advocate for de-dollarization, India and Brazil proceed with caution in order to prevent any adverse economic repercussions.
Adding another layer of complexity, former U.S. President Donald Trump has issued warnings against the introduction of a new currency within the bloc, threatening steep tariffs on any member countries that attempt to replace the dollar. Given India’s substantial annual exports to the U.S., this declaration intensifies the risks associated with major shifts from the current financial system. Consequently, India remains focused on leveraging the BRICS platform for strategic benefits without jeopardizing its ties with the United States.