India Rejects BRICS Currency Proposal, Reaffirms Opposition to Common Monetary Plan

• India has said it does not support a BRICS currency proposal.

• Piyush Goyal made the remarks after a BRICS ministers’ meeting in Jaipur.

• The bloc includes 11 emerging and developing economies.

• Russia and China have shown interest in dollar alternatives.

• Ministers also discussed trade, investment, and MSME financing.

India has made it clear that it is not in favour of creating a common BRICS currency and does not support the introduction of any such arrangement, Commerce and Industry Minister Piyush Goyal said on Friday.

The statement came after the conclusion of a two-day meeting of BRICS trade and industry ministers held in Jaipur. Speaking to reporters, Goyal said India’s position on the matter was firm and that New Delhi opposed any proposal to bring in a currency under the BRICS framework.

“India is not in favour of a BRICS currency. We do not support any such BRICS currency scheme; India is opposed to it,” Goyal said, responding in Hindi.

The BRICS grouping consists of 11 major emerging market and developing economies: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates. The bloc functions as a forum for discussion and cooperation on issues that carry regional and global significance, including matters related to political and economic governance.

Goyal’s comments are notable because some BRICS members have, in recent years, expressed interest in reducing reliance on the US dollar. Russia and China, in particular, have been associated with efforts to explore alternatives to the dollar or to consider a separate BRICS currency mechanism.

The issue has also drawn international attention. In 2024, US President Donald Trump warned BRICS countries against pursuing any step aimed at replacing the US dollar, adding further significance to the debate around de-dollarisation and alternative payment systems.

While India has now publicly ruled out support for a common BRICS currency, Goyal said the ministerial discussions also covered broader economic priorities within the bloc. These included ways to encourage more balanced trade and investment among member countries.

He added that the ministers also deliberated on improving access to easy and adequate financing for micro, small, and medium enterprises. MSMEs remain an important part of economic activity across developing economies, and better credit availability was among the issues discussed during the meeting.

The Jaipur meeting therefore placed attention on both strategic and practical economic concerns, ranging from trade cooperation and investment flows to financial support for smaller businesses. However, on the question of a BRICS currency, India’s stance remains clear: it does not support the proposal.