At the IT-BT Round Table 2025, Union Commerce Minister Piyush Goyal made it clear that India firmly rejects any proposal for a BRICS currency. “We are on record—we don’t support any BRICS currency. Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency,” he stated, shutting down speculation about a bloc-wide monetary unit.
This stance aligns with India’s broader strategy within BRICS, where it balances engagement with the Global South while safeguarding its economic ties with the United States. External Affairs Minister S. Jaishankar had earlier echoed this sentiment, affirming that India sees no merit in replacing the U.S. dollar but supports localized currency settlements with BRICS nations like Russia. As BRICS expands with Indonesia joining as the 10th member, India treads cautiously, ensuring its global positioning remains stable amid rising geopolitical and economic tensions.
India’s approach to BRICS remains measured and pragmatic, leveraging the platform to amplify Global South interests while maintaining Western alliances like QUAD. BRICS is witnessing a major shift, with Indonesia officially joining as its 10th member in January and Nigeria securing a partnership role. Malaysia, Thailand, and Vietnam have also shown interest, signaling a broader ASEAN expansion within BRICS. Under Brazil’s 2025 presidency, the bloc is focusing on climate finance, AI cooperation, and sustainable governance, alongside ongoing talks on alternative payment systems. However, key divisions persist—Russia and China are pushing for de-dollarization, while India and Brazil remain cautious, wary of the economic fallout of moving away from the U.S. financial system.
Adding further complexity, Donald Trump has warned BRICS members against backing a new currency, threatening 100% tariffs on those seeking to replace the dollar. Calling BRICS “seemingly hostile,” Trump’s stance presents a significant challenge for India, given its $127 billion in annual exports to the U.S.. This makes any move away from the dollar a risky economic decision.
With Indonesia’s membership introducing new dynamics, BRICS faces a challenge in balancing anti-Western rhetoric with practical economic cooperation. India remains focused on leveraging the bloc for strategic gains without provoking U.S. retaliation. As Brazil takes charge of BRICS in 2025, the bloc’s future will depend on whether it can reconcile internal disagreements while navigating mounting global economic pressures.