When BRICS leaders meet in New Delhi on September 12 and 13, India is unlikely to put its weight behind the headline-grabbing idea that has followed the grouping for years: a common BRICS currency that could challenge the US dollar.Instead, New Delhi may have a different plan.Also Read: The BRICS trade boom has a $226 billion hole for IndiaIndia is likely to pitch seamless cross-border digital payments and greater adoption of central bank digital currencies, or CBDCs, among BRICS members at the summit, The Economic Times reported on August 29, citing people familiar with the deliberations.The report said a final call on which issues would be put before the leaders was yet to be taken.A common BRICS currency would mean creating a new monetary unit for the grouping.
Connecting CBDCs or fast-payment systems could allow countries to retain their rupees, yuan, roubles and other national currencies while making it easier to use them for cross-border transactions.India opposes the first idea.
It has been actively exploring the second.India publicly says no to a BRICS currencyNew Delhi made its position on a common currency explicit on August 7.Speaking to reporters after the conclusion of a two-day meeting of BRICS trade and industry ministers in Jaipur, Commerce and Industry Minister Piyush Goyal said India did not support the introduction of a BRICS currency, PTI reported.
