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Informist, Wednesday, Sept. 10, 2025

--CEA: India not part of any alternate currency initiative 

NEW DELHI – India is not part of any initiative on finding an alternate currency to dollar, Chief Economic Adviser to the Government V. Anantha Nageswaran said Wednesday. New Delhi's stance on de-dollarisation changed after the US President Donald Trump threatened additional tariffs on nations attempting to replace the dollar in global trade. 

At an event in New Delhi, when asked if India was looking for an alternate currency to dollar, Nageswaran said, "No, certainly not. India is not part of any such initiative." Although last year, at the BRICS Summit, India and other BRICS nations had endorsed settlement of cross-border payments in local currency and had agreed for creation of a special BRICS currency. 

BRICS is an intergovernmental organisation comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. It aims to promote unified emerging economy perspectives in multilateral forums.

The Indian central bank has issued measures in the past to achieve internationalisation of the rupee. In 2022, the Reserve Bank of India had allowed exports and imports between two trading partners to be settled in rupee.   End

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

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