Panel asks government if India will push de-dollarisation agenda at BRICS summit

Source: The Hindu | Original Published At: 2026-08-12 14:27:50 UTC

Key Points

• The Parliamentary Standing Committee on External Affairs asked the government whether India will push a de-dollarisation agenda at the 18th BRICS Summit in New Delhi in September.
• The Reserve Bank of India has advocated linking official digital currencies of BRICS countries to support cross-border trade and tourism payments and reduce reliance on the U.S. dollar.
• Union Commerce Minister Piyush Goyal said India does not support the introduction of a BRICS currency.
• Committee members pointed to growing Russia-China trade conducted in rubles and yuan and said India's local currency trade mechanism with Russia had not taken off.
• The panel also questioned whether India would raise concerns about the imbalance in global financial governance, including the United States' dominant voting share in the IMF and World Bank.
• India assumed the rotating BRICS chairship from Brazil on January 1, 2026, and will lead the grouping throughout the year, including hosting the summit.