At the Round Table IT-BT 2025, the Minister of Commerce of the Union, Piyush Goyal, clearly indicated that India firmly rejects any proposal for a BRICS currency.
“We are recorded – we do not support any BRICS currency. Imagine that we have a currency shared with China. We have no plans. It is impossible to think of a BRICS currency, “he said, which has closed speculation on a monetary unit on a block scale.
This position is aligned with the broader strategy of India within the BRICS, where it balances commitment with the world South while protecting its economic ties with the United States.
The Minister of External Affairs, S. Jaishankar, had echoed this feeling, affirming that India sees no merit in replacing the US dollar but supports the money regulations located by BRICS nations such as Russia. While the BRICS develop with Indonesia joining the 10th Member, India is working with caution, ensuring that its global positioning remains stable in the midst of increasing geopolitical and economic tensions.
The approach of India towards the BRICS remains measured and pragmatic, taking advantage of the platform to amplify the interests of the world South while maintaining Western alliances like the Quad.
BRICS witnesses a major change, Indonesia officially joining its 10th member in January and Nigeria by obtaining a partnership role. Malaysia, Thailand and Vietnam have also expressed their interest, signaling a broader expansion of the Anase within the BRICS. Under the chairmanship of Brazil in 2025, the block focuses on climate financing, IA cooperation and sustainable governance, as well as ongoing discussions on alternative payment systems. However, the key divisions persist – Russia and China are pushing for denollarization, while India and Brazil remain cautious, suspecting economic benefits to move away from the American financial system.
https://www.youtube.com/watch?v=qfajxhbe3ko
Adding additional complexity, Donald Trump warned the members of the BRICS against the support of a new currency, threatening 100% tariffs on those looking to replace the dollar. Calling the “apparently hostile” BRICS, Trump’s position presents an important challenge for India, given its $ 127 billion in annual exports to the United States. This makes the dollar distance from the dollar a risky economic decision.
The members of Indonesia introducing new dynamics, Brics faces a challenge in the balance of anti-Western rhetoric with practical economic cooperation. India remains focused on taking advantage of the block for strategic gains without provoking American reprisals. While Brazil took charge of the BRICS in 2025, the future of the block will depend on whether it can reconcile internal disagreements while browsing global economic pressures.
