India has reaffirmed its opposition to a shared BRICS currency, emphasising its cautious approach to economic integration and strategic autonomy amid broader discussions on trade and financial cooperation within the bloc.
India has ruled out backing a shared BRICS currency, with Commerce Minister Piyush Goyal saying the country does not support any proposal to create a separate unit for trade among the bloc’s members. Speaking at the end of a two-day meeting of BRICS trade and industry ministers in Jaipur, Goyal said India was opposed to such a scheme, a position that underscores New Delhi’s caution as the grouping weighs deeper economic integration.
The issue matters because BRICS has become a bigger and more politically varied grouping, now bringing together Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates. Over recent years, Russia and China in particular have pushed ideas that would reduce reliance on the US dollar, and the debate has only grown more sensitive after Donald Trump warned BRICS countries in 2024 against any attempt to replace the dollar.
India’s position is more nuanced than a simple rejection of currency reform. According to a recent policy analysis by the Asia Pacific Foundation of Canada, Indian officials have said they do not want to weaken the dollar or encourage a shift towards yuan dominance, but do support wider use of local currencies in trade. That stance fits India’s broader pursuit of strategic autonomy: working within BRICS while avoiding moves that could tie the country too closely to Beijing or disrupt its commercial links with the United States.
The Jaipur meeting nevertheless produced a wider economic agenda. Ministers backed market opening, diversification and stronger support for micro, small and medium-sized enterprises. Under a document described as the Jaipur Consensus, delegates agreed to examine an invoice-discounting mechanism and new credit-assessment rules for export-oriented smaller firms, with the aim of narrowing a global trade finance gap estimated at $2.5 trillion. The group also advanced work on supply chains and services, including a 2026-2030 action plan for global value chains, a proposed BRICS technical council, the BRICS Connect initiative and studies on pharmaceuticals and food security. Officials are due to submit the BRICS economic partnership strategy for 2030, covering trade, the digital economy, innovation, finance and sustainable development, for endorsement at a summit in New Delhi in September.
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