Country With $4 Trillion GDP Is Against BRICS Currency

BRICS aims to launch a new currency to combat the dominance of the US dollar on the global stage. The alliance has been discussing the formation of a new tender for over three years now. Since 2022, the bloc has talked about launching a new common currency but has put little to no effort into bringing it to life. The talks stalled during the July summit in Brazil’s Rio de Janeiro as the 10-member countries did not discuss the topic.

However, the majority of the BRICS bloc is mostly interested in seeing a common currency play out. Only one country, which boasts a GDP of $3.9 trillion, is skeptical about the formation and launch. The country has made several statements speaking against the tender. They have also openly expressed support for the US dollar underpinning the alliance’s agenda.

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Also Read: BRICS Makes 10 Eurasian Countries Agree To Curb the US Dollar## India Is Against The Launch of the BRICS Currency

Source: PixabaySource: PixabayDespite being a member nation since the start, India is staunchly against the launch of the BRICS currency. Not just the formation of the tender, India has also expressed displeasure over the de-dollarization agenda kick-started by the bloc. They are distancing themselves from the initiative by embracing the US dollar for trade.

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Source: Cryptopolitian.comSource: Cryptopolitian.comIndia believes that the launch of a BRICS currency will only help China and nobody else. The Communist country could dictate the terms and conditions of trade due to its vast manufacturing and economic capacity. In addition, India provides offshore services for several multinational US corporations. The country hosts a large part of the US IT sector, and the deals happen in the US dollar.

If they move away from the US dollar, the IT sector in India will be largely hit. China will dominate the alliance and achieve its quest for financial power. The cards are not decked for India if the alliance launches a BRICS currency. They will lose more than they can gain, and it would be a costly yet irreparable mistake that can affect the country’s economy and GDP.