India is steering BRICS away from establishing a shared currency, focusing instead on enhancing cross-border digital transactions and digital currencies, amidst geopolitical tensions and divergent member interests at the upcoming summit in New Delhi.
India is expected to steer BRICS away from the long-discussed idea of a common currency when leaders gather in New Delhi on 12 and 13 September, and instead press a more practical agenda built around faster cross-border digital payments and wider use of central bank digital currencies, according to The Economic Times. The move would let New Delhi back deeper financial cooperation without endorsing a single unit of account that could alarm the US and divide the bloc.
The summit comes at a moment of sharp geopolitical strain. The Associated Press reported that the expanded grouping now includes 11 members and represents about half the world’s population, but remains riven by different alignments on Ukraine, Iran and ties with Washington. India, which has long tried to balance relations with the West and with rivals such as China, is using the gathering to reinforce its non-aligned posture while trying to keep BRICS focused on achievable coordination rather than grand symbolism.
The official agenda is broader than payments. According to Indian media reports, the two-day meeting at Bharat Mandapam will centre on food and energy security, health, disaster resilience, critical supply chains, trade, investment, connectivity and technology. Business Standard said the summit marks the close of India’s 2026 chairship and is being framed around political, economic, security and development issues of shared interest.
One sign of the summit’s weight is the reported attendance of China’s President Xi Jinping, who Beijing said on 10 September would travel to New Delhi, his first visit to India in seven years. That matters because any BRICS push on local-currency trade or digital settlement will depend not just on political intent, but on whether members with very different banking systems and strategic priorities can agree on a workable framework, something even supporters of the bloc say remains uncertain.
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