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BRICS, an organization proposing alternative currencies as payment methods, has had Indiaone of its biggest membersshowing doubts about being able to India is treading cautiously. A key reason why India is not backing de-dollarisation is the rise of the Chinese yuan as a challenger to the US dollar. India has resisted India made it clear that it has no plans to end its reliance on the US dollar and will use the currency for trade and transactions, where it remains a necessary form of India has officially rejected the formation of a BRICS currency aimed at challenging the US dollar’s global dominance. The Modi government confirmed its unwavering In a new twist of events, BRICS member India has confirmed that it will not target the US dollar amid the de-dollarization agenda that has engulfed the global financial

BRICS Reality Check: India Dials Back Dollar Ditching Dreams

The BRICS economic alliance, known for its ambition in reshaping global finance, faces a significant hurdle. While BRICS champions alternative currencies and payment methods to lessen reliance on the US dollar, India,one of its biggest membersshowing doubts about being able to, has delivered a major reality check to the de-dollarization narrative. In a new twist of events, BRICS member India has confirmed that it will not target the US dollar amid the de-dollarization agenda that has engulfed the global financial landscape.

India\'s Cautious Approach to De-dollarization

India is treading cautiously. The Modi government confirmed its unwavering commitment to the US dollar, signaling a divergence from some BRICS members\' more aggressive de-dollarization strategies. India made it clear that it has no plans to end its reliance on the US dollar and will use the currency for trade and transactions, where it remains a necessary form of exchange.

Why India Isn\'t Abandoning the Dollar

A key reason why India is not backing de-dollarisation is the rise of the Chinese yuan as a challenger to the US dollar. India has resisted the prospect of replacing one dominant currency with another, particularly one controlled by a geopolitical rival. India has officially rejected the formation of a BRICS currency aimed at challenging the US dollar’s global dominance.

The Future of BRICS and the US Dollar

India\'s stance presents both challenges and opportunities for the BRICS alliance. While complete de-dollarization might prove impossible in the short term, exploring alternative payment systems and reducing dependence on the US dollar for specific transactions remains a viable goal. The future will likely see a multi-faceted approach, with the US dollar retaining its prominence alongside emerging alternative currencies. The "ditching US dollar impossible" narrative is perhaps too strong, but India\'s position underscores the complexities of dismantling a deeply entrenched global financial system.

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