India Rejects BRICS Currency Plans Amid Global Economic Shift
Commerce and Industry Minister Piyush Goyal stated that India is not in favor of establishing a BRICS currency, nor does it support any initiative to introduce such a scheme. This announcement was made after the two-day meeting of BRICS trade and industry ministers in Jaipur.
The BRICS group consists of 11 major emerging markets and developing countries worldwide, including Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates. The group serves as a platform for consultation and cooperation on global issues.
Goyal emphasized that India opposes any BRICS currency scheme and does not support its introduction. This stance is particularly significant given the previous warning by US President Donald Trump in 2024, cautioning against moves to replace the US dollar.