Amidst speculation ignited by President-elect Donald Trump’s previous threats of imposing 100% tariffs on BRICS nations, India’s External Affairs Minister S Jaishankar has firmly rejected any suggestion of India aiming to weaken the US dollar. Speaking at the prestigious Doha Forum on Saturday, Minister Jaishankar addressed the concerns directly, stating that India has “no interest” in undermining the global economic power of the US dollar.
This statement carries significant weight, especially considering Trump’s past pronouncements. Jaishankar’s clarification serves to reassure the US and the international community about India’s economic intentions. He strategically linked his response to the established personal rapport between Prime Minister Narendra Modi and President-elect Trump, suggesting a strong foundation for bilateral relations despite potential policy disagreements.
The minister further elaborated on India’s position on the BRICS grouping, clarifying that while financial transactions are discussed among BRICS nations, there are currently no plans to introduce a common BRICS currency. This directly counters some interpretations of the BRICS discussions as an attempt to create an alternative to the dollar-dominated global financial system.
“We’ve always said that India has never been for de-dollarization,” Jaishankar emphasized, underscoring India’s commitment to maintaining its strong economic ties with the US. He strategically highlighted the considerable economic benefits stemming from the US-India trading relationship, underscoring that the US remains India’s largest trading partner. This statement clearly positions India’s economic policy as aligned with international cooperation and strategic partnerships, rather than any divisive actions.
Jaishankar’s measured and detailed response at the Doha Forum effectively addresses concerns, offering transparency and reassurance about India’s economic approach. The emphasis on the strong Modi-Trump relationship further reinforces the underlying strength and stability of the India-US bilateral connection, even in the face of fluctuating political rhetoric. This clarity is crucial in maintaining confidence in global markets and fostering continued economic cooperation between India and the US.
