India has officially shut down any talk of a shared BRICS currency, throwing cold water on the idea during a press conference at the IT-BT Roundtable 2025 in New Delhi on March 5, 2025, according to Business Today.
Union Commerce Minister Piyush Goyal made it crystal clear: “Imagine us having a currency shared with China. We have no plans. It’s impossible to think of a BRICS currency,” signaling India’s firm stance against a common tender with China amid decades-long border disputes and trade tensions.
Instead, India’s doubling down on the U.S. dollar, with Goyal saying the Modi government embraces it for cross-border transactions and will only use local currencies with developing nations when it makes sense. This move puts India at odds with some BRICS partners, like China and Russia, who’ve been pushing for a BRICS currency to challenge the dollar’s global dominance and reduce reliance on Western financial systems. China’s been working with Russia and Iran on this, hoping to dethrone the dollar, but India’s not biting—its focus is on stability and the dollar’s role in global trade.
