Policymakers dismiss common currency idea, say BRICS to become ‘talk shop’ if expanded without focus

New Delhi: A consensus emerged at a policy conference on BRICS+ in New Delhi Wednesday that a common BRICS currency offers no tangible benefits to India or the wider ‘Global South’.

Senior economist Montek Singh Ahluwalia, addressing the audience despite not being on a panel, strongly dismissed the idea of a BRICS common currency as ‘nonsense’. Other experts and policymakers present echoed this view.

“Whoever’s writing papers for the government should have the courage to say it: a common BRICS currency is not in India’s interest, or anyone else’s,” Montek Singh Ahluwalia emphasised. Show Full Article

Instead, Ahluwalia urged a focus on practical cooperation, such as free trade agreements and shared learning in energy and digital systems.

“It makes far more sense…,” Ahluwalia said, “…t