Skip to main content

Indias External Affairs Minister Shuns BRICS Currency Talks Prioritizes Rupees Strength Instead

India’s External Affairs Minister Shuns BRICS Currency Talks, Prioritizes Rupee's Strength Instead

Members of the BRICS alliance are meeting at a summit in Johannesburg, South Africa, in August, focusing attention on the potential for the BRICS bloc to create a gold-backed reserve currency. However, Subrahmanyam Jaishankar, India’s external affairs minister, said India isn’t interested in issuing a common BRICS currency. Instead, he said India is more concerned with strengthening the rupee.

India Snubs Common Currency Idea, Reduces Russian Oil Imports While Increasing U.S. Crude Purchases

In recent times, a great deal of interest is aimed at the BRICS nations — Brazil, Russia, India, China, and South Africa. In August, BRICS ministers plan to discuss adding new members to the alliance and creating a gold-backed common currency. Last week, Rasoul Mousavi, a representative from Iran’s Ministry of Foreign Affairs, told the press that a BRICS currency could benefit Iran and diminish the influence of the U.S. dollar.

Brazil, Russia, China, and South Africa are supporting the creation of a common BRICS currency, but India is not interested, according to Subrahmanyam Jaishankar, India’s external affairs minister. Jaishankar, in a press conference on July 3, 2023, said India is solely focused on bolstering the rupee, the country’s native currency. “On what we will discuss at the BRICS meeting, we’ll have to see because there are many other issues – but there is no idea of a BRICS currency,” Jaishankar stated.

India’s external affairs minister added:

Currencies will remain a national issue for a long time to come.

India’s GDP has proven resilient amid global economic uncertainty, outpacing other members of the BRICS bloc. Moreover, a recent report from Goldman Sachs Research predicts India could become the world’s second-largest economy by 2075. The Times of India reported that India, which has strong ties with the U.S. and Europe, does not want to jeopardize its trade relationships with Western nations by endorsing a “yet-to-be-released BRICS currency.”

Moreover, India has started buying more oil from the United States and reducing its purchases of Russian crude, according to data from energy intelligence company Vortexa. In May, Russian crude made up half of India’s imports. However, in June, daily oil imports from Russia to India fell from 1.96 million barrels to 1.798 million barrels. The Times of India suggests India may be hesitant to invite new members to the BRICS alliance. The newspaper’s contributor, Dr. Prashant Prabhakar Deshpande, says India will want to establish “well-established criteria for qualification.”

In a noteworthy development, preceding Jaishankar’s remarks on July 3, president Joe Biden of the United States and prime minister Narendra Modi of India emphasized the exceptional partnership between their nations, referring to them as two of the “closest partners in the world.”

Is India’s decision to prioritize the rupee over a BRICS common currency a strategic move or a missed opportunity for economic integration? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/PvCKFoR
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more