'Smart move by India': Startup founder backs New Delhi's call to reject BRICS currency

Startup founder Akshat Shrivastava has backed India's reported decision to reject a BRICS joint currency in favour of maintaining trade alignment with the US, calling it a "smart move." His reaction came after a report suggested India had declined to support a BRICS monetary union, keeping in mind its broader economic strategy and global trade priorities.

"This is a smart move by India,” Shrivastava said in a post. "India contributes 3% to the world's GDP. US contributes roughly 27%. US$ contribution to the world trade is around 66%. Our only hope to contribute more to the world's GDP is: 1) If we import tech/business stack and build our manufacturing capabilities. 2) We can either choose China/US. 3) China is a net exporter. It does not need India. It probably does not even think about India." 

"With the US, we at least have a chance to 'Export' something. With China, our chance to be a net exporter is close to 0 (on any profitable segment). Before, you get angry: the last time India exported something of value -- it was IT (to US/Europe). And, that ended up growing cities like Pune/Hyderabad."

India has repeatedly expressed scepticism about the proposal for a common BRICS currency. In February this year, Union Commerce Minister Piyush Goyal said, "We are on record — we don't support any BRICS currency. Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency," he said while speaking at the BT Round Table 2025. 

The position aligns with India's broader strategy of engagement with the Global South while preserving its strong economic partnership with the United States. 

External Affairs Minister S Jaishankar had previously said India sees no value in replacing the US dollar, though it supports local currency trade settlements with countries like Russia. As BRICS expands — with Indonesia joining as the 10th member and Malaysia, Thailand, and Vietnam expressing interest — India continues to tread cautiously, wary of economic missteps while managing geopolitical relationships.

US President Donald Trump's warning to BRICS members about adopting a new currency has added further pressure. Trump threatened 100% tariffs on countries attempting to de-dollarise, calling BRICS "seemingly hostile." With India exporting $127 billion annually to the US, the stakes are high.