The subject of a potential BRICS currency, which is hogging the headlines ever since the US President-elect Donald Trump threatened on Saturday to impose 100% tariffs to the bloc member-countries (Brazil, Russia, India, China and South Africa) quoting as reason their intention to replace the US dollar as the world’s reserve current, seems to be swirling Indian waters, too.
India’s minister of state for finance Pankaj Chaudhary has evaded today to state explicitly India’s stance on potential BRICS currency, pointing instead on the report that Russia has prepared on various aspects of current systems during its presidency with the bloc.
The report titled “BRICS Chairmanship Research on the Improvement of the International Monetary and Financial System” also covers the possible alternatives relating, among other things, to investments, the Global Financial Safety Net, cross-border payments, development mechanisms, sovereign reserves as well as finding an alternative currency by leveraging existing technology.
“The report was taken note of by BRICS finance ministers, central bank governors and leaders,” Chaudhary pointed out.
With regard to the contributions made by India the BRICS New Development Bank, Chaudhary noted that it stands at USD 2.0 billion, and also pointed to the NDB’s projects in India which align with the country’s development priorities.
“As on date, 20 externally aided projects with loan amount of USD 4,867 million funded by NDB are ongoing in India. The sectors being covered by such projects include transportation infrastructure for urban centres, integrated water conservation, water supply and flood area management, improvement of connectivity in rural areas, among others, which align with India’s development priorities,” he stressed said.
