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India surprised: No target of the US dollar in the BRICS currency war!
India announces: USD remains trading currency in BRICS; no active de-dollarization planned. More information here.
India surprised: No target of the US dollar in the BRICS currency war!
An unexpected piece of news is shaking the economic landscape: India, a major member of the BRICS group, is making a splash with its latest announcement! The global de-dollarization trend sweeping the global economy is leaving India relatively unaffected. While other countries are frantically striving to move away from the US dollar, India is taking a different path. And that causes a stir!
The economic giants of BRICS - Brazil, Russia, India, China and South Africa - have hatched a plan to bypass the US dollar as the dominant trading currency. But wait a minute! Just now, when the headlines dream of the depowering of the American dollar, India reveals: “Not with us!” The Indian government continues to rely on the dollar to conduct global trade. A bold step or a clever strategy? Everyone can decide that for themselves.
India's foreign minister speaks plainly
In a news conference that caused a stir, India's Foreign Minister S. Jaishankar made it clear: "We are not targeting the US dollar." He calmed tempers and said that India would not actively jump on the de-dollarization bandwagon. Instead, the country will passively look for alternatives when trading with countries that do not accept the USD.
For countries like Russia and China that take a different course, India plans to transact in local currencies. But for most global transactions, the dollar remains the payment method of choice. This pragmatic approach allows India to act flexibly without endangering its economic relations. “It’s about continuing our business,” Jaishankar emphasized resolutely.
One thing is clear: this attitude baffles not only skeptics, but also opponents of the dollar. But the foreign minister stressed that there was no malicious intent towards the US currency. Instead, it is about cleverly exploiting tiny gaps in the international trade network. The BRICS group will meet in Kazan, Russia, in a few weeks, October 22-24, and the whole world will be keeping an eye on it - will there be any more surprises?