During the policy conference on BRICS+ in New Delhi on Wednesday, diplomats from various countries had a consensus agreeing that a BRICS currency is not in everyone’s interest. Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission of India, emphasized that it makes no sense to have a shared common currency.

“Whoever’s writing papers for the government should have the courage to say it: a common BRICS currency is not in India’s interest, or anyone else’s,” he said. Other experts and policymakers echoed his views, agreeing with his statements. He called the common BRICS currency “nonsense,” and the alliance must first focus on learning from each other to grow.

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Ahluwalia emphasized that BRICS countries have grown their economy meaningfully, and members need to share and learn from the growth. Instead of launching a BRICS currency, he urged member nations to focus on practical cooperation for a better future. “It makes far more sense,” Ahluwalia said. “To talk about trading with Africa or learning from China’s power model than to dream of a shared currency.” It includes free trade agreements and shared learning in manufacturing, energy, and digital systems, among others.

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Focusing on Growth Will Be More Rewarding Than a Shared BRICS Currency: Ahluwalia

Apart from the BRICS currency, Ahluwalia remained skeptical about the expansion of the alliance. He stressed that the founding members, a five-member group, had everything it takes to voice the concerns of the Global South. He called for internal reforms first before allowing more countries to join the alliance through expansion.

“BRICS would have been much better off as a small, serious voice of the ‘Global South’. It needs to stop behaving like a negotiating forum with no one on the other side and instead focus on internal reform and mutual learning. We keep telling others what worked in India. It’s time we learn what worked elsewhere, like in China, in Europe, in the rest of the South,” he said. In conclusion, Ahluwalia says the alliance needs to learn from other member nations about growth and not focus on the BRICS currency.