India eyes Brics currency without China

The central government to explore the feasibility of a proposal for a common currency arrangement within the Brics framework, comprising Brazil, Russia, India, China, and South Africa.

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Despite India's previous reservations, top-level government sources have indicated a willingness to study the proposal, particularly in the context of India and Russia potentially agreeing on a common currency arrangement while excluding China. This move is deemed significant ahead of the upcoming Kazan summit.

India's External Affairs Minister S Jaishankar had previously ruled out any considerations for a common currency during a press conference last July, citing clear reasons. The contentious nature of India-China relations, characterized by political and economic adversarial positions taken by Beijing, has been a major deterrent for India in contemplating such a currency union.