India Rejecting BRICS Currency, Aims To Promote US Dollar

By Vinod Dsouza – Watcher.Guru

BRICS member India remains skeptical of a common BRICS currency citing risks of alienating global trade ties with the US. Leading import and export businesses in India and those stationed in the US want to keep the US dollar intact. Indian businesses are now cautious in embracing a common currency as it risks disrupting the normal flow of commerce.

The evolving framework of the BRICS alliance is moving towards the formation of a new common currency for trade. It challenges the global economic system but the push towards a common currency is usually made by China and Russia. Indian businesses are concerned that a common BRICS currency gives power to China and make its economy influential.