India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions. The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China.

Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade

BRICS member China might not take India’s stance lightly as the Communist country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move could dampen the US markets and lead to inflation in the homeland.

Also Read: De-Dollarization: New Country Emerges To Abandon the US Dollar

BRICS: India Says ‘Cannot Share a Currency With China’

putin xi modi russia india china brics
Source: Flickr

Union Commerce Minister Piyush Goyal confirmed that India does not support any form of BRICS currency. He made it clear that India does not want to share a common currency with China. For the uninitiated, India and China have been at loggerheads for more than five decades with border disputes and trade wars. Accepting China’s stance would make the Modi government look weaker and hamper its electoral prospects.

Also Read: BRICS: 40 Countries Look To Ditch the US Dollar

“We are on record—We don’t support any BRICS currency. Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency,” said India’s Union Commerce Minister Piyush Goyal during a press conference at the IT-BT roundtable 2025 in New Delhi, reported Business Today.

However, the plans to launch a BRICS currency are still alive as China, Russia, and Iran are pursuing the idea. De-dollarization is the first and foremost goal of the trio as they aim to end reliance on the US dollar.

  • BRICS
  • BRICS Currency
  • India
  • US DOLLAR