By Admin 
V anantha nageswaran on dollar: Amidst the ongoing tariff tension with America, the question arises whether India is looking for a US dollar option. Chief Economic Advisor V. Anant Nageswaran has made it clear that India is not thinking of any kind on the use of any other currency as an alternative to US dollar in global trade.
In response to a question on Wednesday, the Chief Economic Advisor said that India is not a part of any such initiative. However, at the BRICS summit held in Kazan, Russia in October last year, India and other BRICS countries considered cross -border payment disposal in local currency. Along with this, it was agreed to bring a special ‘BRICS Mudra’.
There is no alternative to dollar at the moment
Nagswaran says that there is no practical option of US dollar at this time. Its rise may take a long time. He informed that the central banks maintain their foreign exchange reserves on a diverse basis. Also, the Reserve Bank has also increased its stake in the purchase of gold in the last few years. The Chief Economic Advisor said that therefore, the structure of foreign exchange reserves including gold is constantly being given attention.
What was said at the BRICS conference?
The manifesto of the 16th BRICS Summit held in October 2024 stated that there is a need for fast, low-cost, more efficient, more efficient, transparent, safe and inclusive border payments based on the principle of reducing business obstacles and discriminating access. The manifesto also stated that the use of local currencies in financial transactions between BRICS countries and their business partners would be welcomed.
BRICS is a group of rapid emerging economies in the world, including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and United Arab Emirates (UAE). Its purpose is to promote the shared view of the emerging economies on multilateral forums.
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