“We don’t support any BRICS currency,” said India’s Union Commerce Minister Piyush Goyal in February. “I don’t think there’s any policy on our part to replace the US dollar,” said India’s External Affairs Minister S. Jaishankar in March. The move was intended to make the message reach China and Russia before the 17th summit in Rio de Janeiro on July 6 and 7.
Several leaders in India have openly embraced the US dollar by distancing themselves from the formation of the BRICS currency. The development highlights the power struggles of the alliance where each member has different ideologies. There is no ‘one size fits all’ policy in the bloc as member nations look to undercut each other’s principles.
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Appreciate India Rejecting BRICS Currency, Says Start-up Founder & Financial Analyst
Popular financial analyst on YouTube and the CEO of Wisdom Hatch, Akshat Shrivastava backed India’s move to reject BRICS currency. He called it a “smart move” by the Modi administration for making its stance clear ahead of the Brazil summit. He explained that India gains the most from the US dollar as it imports IT sector silicon valley jobs from America and Europe. Ending reliance on the USD will only hurt India’s GDP and disrupt the IT jobs sector thriving in the country.
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“This is a smart move by India,” said Akshat for rejecting BRICS currency before the 2025 summit. “India contributes 3% to the world’s GDP. US contributes roughly 27%. We can either choose China/US. China is a net exporter. It does not need India. It probably does not even think about India. With the US, we at least have a chance to ‘Export’ something. With China, our chance to be a net exporter is close to 0. The last time India exported something of value — it was IT (to US/Europe). And, that ended up growing cities like Pune/Hyderabad,” he wrote.