BRICS: India’s Shift on De-Dollarization Agenda
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India, a member of the BRICS nations, initially sought to find an alternative to the US dollar for cross-border transactions. However, after the Trump administration threatened to impose trade tariffs, the Modi-led government backtracked from the de-dollarization agenda. Foreign Minister S. Jaishankar stated that India has no plans to advance this agenda, prioritizing protection from tariffs that could impact the country’s imports and exports sector. This shift demonstrates India’s complex relationship with the US dollar and its economic priorities.
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