Seeds of Wisdom RV and Economic Updates Thursday Afternoon 7-24-25
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India Confirms BRICS De-Dollarization Efforts Amid Trump’s Pressure
India’s position on the global de-dollarization trend has now been confirmed at the official level, signaling growing momentum within BRICS to diversify away from the US dollar — despite tariff threats from the Trump administration.
India Acknowledges Currency Shift Talks Inside BRICS
At a recent media briefing, Ministry of External Affairs spokesperson Randhir Jaiswal acknowledged that BRICS nations are in active talks about using local currencies for trade settlements and building interoperable cross-border payment systems.
“Cross-border payments, yes, BRICS have talked about local currencies, but de-dollarisation is not something that is there on the agenda,” Jaiswal said.
While discussions about a BRICS common currency continue, India has made it clear it is not backing a rapid transition away from the dollar, nor a supranational BRICS currency—yet.
Trump Administration Applies Economic Pressure
President Trump’s response to BRICS’ monetary shift has been confrontational. His administration has threatened:
A 10% tariff on any nation participating in "Anti-American policies" like de-dollarization;
Broader economic consequences for attempting to bypass the dollar in international trade.
These threats came just after Russian President Vladimir Putin proposed a BRICS investment platform, heightening tensions between Washington and BRICS capitals.
India’s Strategic Caution
Foreign Minister S. Jaishankar reinforced that:
“India has never been for de-dollarization. Right now, there is no proposal to have a BRICS currency.”
India has experimented with rupee-based trade settlements, particularly with Russia, but the rupee’s volatility—falling from 73 to 85 per USD in five years—adds to hesitation around moving further.
Moreover, there are concerns that a BRICS currency could magnify China’s dominance in the bloc, especially given China’s outsized influence in the New Development Bank and growing use of the yuan in settlements.
India’s Balancing Act
India continues to walk a tightrope between:
Benefiting from Western capital and tech, vital to its long-term development goals;
Supporting multilateral alternatives to the US-dominated financial order.
While over 50 countries now use the yuan, rupee, and ruble in bilateral trade, the US dollar still dominates around 54% of all global transactions.
Conclusion: Pragmatism Over Revolution
India’s BRICS policy clearly favors incremental monetary diversification, not abrupt financial revolution. While quietly working to enhance non-dollar trade pathways, India is prioritizing economic stability and strategic autonomy.
Its position reveals a deeper truth: even within BRICS, de-dollarization will be a gradual, politically sensitive process, shaped by each nation’s unique dependencies and geopolitical priorities.
@ Newshounds News™
Source: Watcher.Guru
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