At a BRICS summit in New Delhi, former Finance Secretary Subhash Chandra Garg discussed local-currency settlement, China’s CIPS system and the limited prospects for an India-centric BRICS payment system.
As India chairs the 18th BRICS Summit, New Delhi is promoting resilience, innovation, cooperation, and sustainable development among emerging economies.
BRICS Pay aims to connect national payment systems of member and partner countries, starting with an India-Russia MoU linking UPI and Russia’s Faster Payments System for cross-border transactions in local currencies.
BRICS Pay will connect national payment systems of member and partner countries to enable faster cross-border digital payments in local currencies, with India and Russia signing an MoU to link UPI with Russia’s Faster Payments System.
Political efforts are under way to bridge Iran-UAE differences and secure a BRICS joint statement at the New Delhi summit amid tensions from the West Asia crisis and the bloc’s expanded membership.
Ahead of the 18th BRICS Summit in New Delhi, Indian political figures urged BRICS to adopt a positive policy on frontier technologies of the Fourth Industrial Revolution.
A BRICS business body official backed local currency and digital transaction systems for a multipolar economic framework and urged India to strengthen exports to BRICS economies.
Former BRICS Sherpa Sanjay Bhattacharyya described BRICS as a stabilising force ahead of India’s hosting of the 18th BRICS Summit, highlighting the bloc’s 20-year milestone and India’s chairship agenda.
New Delhi is completing preparations to host the 18th BRICS Summit at Bharat Mandapam, with India serving as BRICS chair in 2026.
