India reaffirmed on Thursday that they were not in line with the BRICS derailment agenda and would not abandon the US dollar for trade and cross-border trading. The statement comes days after the 17th Summit in Brazil, where member countries discussed their future outlook.
Indian Foreign Minister Randhir Jaywal confirmed that BRICS member states discussed the settlement of trade payments in local currency. However, he said there was no discussion about the formation of a new BRICS common currency. “Derailment is not on the agenda.” He assured India does not match the BRICS ideology, he said.
“Cross-border payments, yes. BRICS is talking about local currency, but decooperativeness is not on the agenda.” He said. This statement comes after many developing countries are debating progress in decoupling initiatives.
India has an aspect with the US on the issue of BRICS decooperative
Jaiswal reveals that India is not fully loaded in the US dollar and plans to explore the use of rupee across borders. India wants to dim off the lights of the BRICS currency by promoting the rupee on the international stage. However, development is in its early stages, with many parameters passing through many before moving on to the live show.
The minister argued that the BRICS summit was a success as India’s Modi led consultations and refrained from using derailment. “We had a very successful BRICS summit. The joint statement embodies several aspects of the agenda.” He said.
BRICS member India has been holding back a recurring agenda again and again since Trump took office in January. The country hosts employment in the IT sector outsourced by the US and its economy banks. Employment funds the housing sector, including many other businesses, and thrives within the country. India, without the IT sector, is a country that is mostly unemployed and Modi-led government doesn’t want to put it at risk.
