Archive · 2 Jul 2025
India's Reported Rejection of BRICS Currency Draws Support
India is thinking about whether to use a new currency with other countries like China and Russia, called BRICS, or stick with using the US dollar.
A startup founder thinks India should keep trading with the US because it helps India's economy grow.
The US is a big trading partner for India.
India already trades a lot with the US.
Using the US dollar is seen as beneficial.
India has said before that they do not want to use the BRICS currency, especially since China is a big part of BRICS.
India reportedly rejected a BRICS joint currency, favoring trade alignment with the US.
Startup founder Akshat Shrivastava supports India's decision, citing economic advantages.
India has expressed skepticism about a common BRICS currency previously.
India exports $127 billion annually to the US, highlighting the stakes in trade relations.
External Affairs Minister Jaishankar sees no value in replacing the US dollar.
- Who
- India, with support from startup founder Akshat Shrivastava.
- What
- India is reportedly rejecting a BRICS joint currency in favor of maintaining trade alignment with the US.
- When
- February 2025, when Union Commerce Minister Piyush Goyal said India doesn't support a BRICS currency.
- Where
- Not explicitly mentioned in the articles.
- Why
- To foster economic growth by continuing trade relations with the United States.
Supporters of US Trade
BRICS Currency Proponents
Currency Alignment
Supporters of US Trade
Maintain current trade alignment with the US.
BRICS Currency Proponents
Adoption of a joint BRICS currency.
- India's GDP contribution
- 3% of the world's GDP
- US GDP contribution
- 27% of the world's GDP
- US Share in world trade
- 66%
- India's annual exports to the US
- $127 billion
- India's stance on BRICS currency
- Does not support.