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BRICS Rift Grows as India Refuses Dedollarization

While emerging great powers are increasing calls to reduce their dependence on the US dollar, a key player has just slammed the door on any attempt to break away : India. In a tense international context, where Western sanctions are pushing some countries to explore alternatives to the monetary system dominated by the greenback, New Delhi chooses to play the stability card. By stating that it has “absolutely no interest” in engaging in a dedollarization dynamic, India sends a strong signal to its partners within the BRICS and the Global South.

In Brief

India categorically rejects the dedollarization efforts promoted by the BRICS and the Global South.

This refusal contrasts with the positions of Russia and China, which actively advocate for alternatives to the dollar-based system.

Several economic and diplomatic reasons explain India’s position, including its significant dollar reserves and ties with the United States.

This break could have major repercussions on the monetary ambitions of the Global South and the future of the international financial order.

India breaks away from the dedollarization project

The Indian government caught everyone off guard by explicitly stating that it would not support the dedollarization efforts led by some influential BRICS members. Indeed, India has absolutely no interest in dedollarization nor in any initiative aiming to undermine the US dollar.