India has mandated a group of financial analysts and research institutions to evaluate the potential of a proposed BRICS currency. The directive calls for experts in finance to deliberate on whether India should endorse the establishment of an upcoming BRICS currency.
According to a high-ranking government official speaking on condition of anonymity, this deliberation will carry significant weight at the forthcoming summit scheduled for October. India intends to be well-prepared with its stance at the 16th BRICS summit, set to be held in the Kazan region of Russia later this year.
Russia, a fellow member of BRICS, is also exploring the concept of a BRICS currency, prompted by the economic impact of US sanctions. Seeking a renewed and extensive dialogue, Russia has initiated discussions with India regarding the potential of such a currency.
A source quoted by Business Standard stated, “We have not changed our position at all, but there is no harm in a study.” While speculation suggests that the experts enlisted for this study could include senior officials from the Reserve Bank of India (RBI), the RBI declined to comment when contacted by Business Standard.
Hence, the identities of the financial experts tasked with assessing the viability of the BRICS currency remain undisclosed. India prefers to keep them anonymous, recognizing that undue attention could compromise the integrity of the study by potentially leading to media leaks.
The prospect of India’s acceptance of the new BRICS currency hangs in the balance as officials have yet to commence their examination this year. It may take six months or more for these officials to thoroughly comprehend the intricacies of the forthcoming global tender.
India may opt to keep its decisions confidential, revealing its stance only during the next BRICS summit. Consequently, the verdict on whether India will embrace or spurn the BRICS currency remains uncertain until all pertinent details are disclosed to the public.
