Piyush Goyal: India not backing separate BRICS currency

NEW DELHI: India is not in favour of a BRICS currency and does not support the introduction of any such scheme, Commerce and Industry Minister Piyush Goyal said on Friday.

BRICS group comprises 11 major emerging markets and developing countries of the world -- Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and United Arab Emirates (UAE).

It serves as a platform for consultation and cooperation on contemporary issues having global as well as regional significance, and issues of global political and economic governance.

“Bharat BRICS currency ke paksh mein nahin hai. Hum samarthan nai dete ki aisi koi BRICS currency jaisi nai yojna lai jaye. Bharat ka uske upar virodh hai (India is not in favour of a BRICS currency. We do not support the introduction of any such BRICS currency scheme; India opposes it),” he told reporters after conclusion of the two-day meeting of BRICS trade and industry ministers in Jaipur.

These remarks are important as in 2024, US President Donald Trump warned BRICS countries against any move to replace the US dollar.

Over the past few years a few of its member countries, in particular Russia and China, are seeking an alternative to the US dollar or create own BRICS currency.

Goyal also said that the ministers discussed ways to promote balanced trade and investments among member countries.

He added that access to easy and adequate financing to MSMEs was also deliberated upon.