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NEW DELHI: India on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump again warned BRICS countries against India has “absolutely no interest” in undermining the US dollar, and its fellow members of the Brics grouping of emerging economies have not formed a unified position on a BRICS nations are exploring collaborative efforts to counter the US dollar’s dominance. While India faces immediate challenges, the broader BRICS agenda includes BRICS countries have no interest in weakening the U.S. dollar at all, India's foreign minister Subrahmanyam Jaishankar said at an event in Qatar's capital Doha on Saturday. At the meeting, the leaders representing the BRICS (Brazil, Russia, India, China, and South Africa) nations discussed plans to reduce their dependence on the U.S. dollar. India needs to maintain its ties with America, as the country is the first to provide IT back-end support to the U.S. In fact, millions of jobs are at stake if India ends its India, a major economic power within BRICS, rejects dollarization and strengthens its attachment to the dollar. Discover it all! Among the five BRICS members, the biggest pain point is India-China friction, Abishur Prakash, the founder of the advisory firm The Geopolitical Business, told Insider.

BRICS India: Rejecting Forces to Topple US Dollar Dominance? Examining De-Dollarization Realities

The narrative surrounding BRICS nations and their supposed unified front against the US dollar is complex. While discussions around reducing dependence on the dollar are ongoing, particularly among the leaders representing the BRICS (Brazil, Russia, India, China, and South Africa), the reality, especially for India, is far more nuanced. Is India poised to reject forces aiming to topple the US dollar's dominance? The answer isn't a simple yes or no.

India's Stance: De-Dollarization is Not the Policy

NEW DELHI: India on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump again warned BRICS countries against... This statement underscores India's official position. India has “absolutely no interest” in undermining the US dollar, and its economic interests are deeply intertwined with the US. Furthermore, BRICS countries have no interest in weakening the U.S. dollar at all, India's foreign minister Subrahmanyam Jaishankar said at an event in Qatar's capital Doha on Saturday.

The BRICS De-Dollarization Agenda: Collaborative Efforts and Challenges

While BRICS nations are exploring collaborative efforts to counter the US dollar’s dominance, this doesn't necessarily translate to a wholesale rejection. Discussions revolve around alternative payment systems, increased trade in local currencies, and reducing reliance on the dollar in international transactions. While India faces immediate challenges, the broader BRICS agenda includes... considerations for a more multipolar financial world. However, significant obstacles remain.

India's US Ties: Economic Realities and IT Back-End Support

India needs to maintain its ties with America, as the country is the first to provide IT back-end support to the U.S. In fact, millions of jobs are at stake if India ends its... economic cooperation. This highlights the significant economic dependence and benefits India derives from its relationship with the United States. India, a major economic power within BRICS, rejects dollarization and strengthens its attachment to the dollar. Discover it all!

Geopolitical Friction: The India-China Factor

The internal dynamics within BRICS also play a crucial role. Among the five BRICS members, the biggest pain point is India-China friction, Abishur Prakash, the founder of the advisory firm The Geopolitical Business, told Insider. This existing tension adds complexity to any unified BRICS strategy aimed at challenging the dollar's dominance. Any attempt to create a cohesive anti-dollar policy would likely be hindered by these pre-existing geopolitical challenges.

Conclusion: A Cautious Approach to a Complex Issue

While BRICS nations, including India, discuss reducing reliance on the US dollar, India's official stance remains firmly against de-dollarization. Its strong economic ties with the US, combined with geopolitical realities within BRICS, suggest a cautious and pragmatic approach. India's focus remains on economic growth and stability, which currently necessitates maintaining a strong relationship with the US dollar and the American economy. The narrative of India forcefully rejecting the dollar's dominance is, therefore, an oversimplification of a much more complex situation.

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