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India supports the idea of an independent BRICS payments system but stresses the importance of a cautious and systematic approach. According to Ash Narain Roy, Director of India’s Institute of Social Sciences, thorough discussions among all parties are essential before making any decisions. He noted that many BRICS members share this cautious perspective.
India Supports Cautious Approach to Independent BRICS Payment System
Ash Narain Roy, Director of India’s Institute of Social Sciences, discussed India’s stance on an independent BRICS payment system in an interview with the Russian publication TASS last week. Roy’s background includes extensive research and analysis on global economic and political issues, including the dynamics of emerging economies.
The director expressed support for the initiative but stressed the need for thorough discussions among all involved parties before any decisions are made. He was quoted as saying:
In principle, India favors an independent BRICS payments system.
“But there is a feeling that this issue needs to be discussed systematically by different stakeholders before a decision is taken. My understanding is that not just India, several members feel that such a far-reaching decision can’t be taken hurriedly,” he opined, adding: “BRICS countries don’t want to create a system which may become dysfunctional. Hence the issue will be debated but a final decision is not expected in the near future.”
The BRICS economic bloc has expanded its membership to include additional countries beyond its original five members: Brazil, Russia, India, China, and South Africa. Recently, six new countries have joined the bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This expansion increases BRICS’ global influence and enhances cooperation on economic, political, and cultural fronts.
Regarding BRICS nations’ technical readiness for the independent digital payment system, Roy shared:
Digitalization has been fairly successful in India but there are members who may not go for digital payments at this stage or even in the near future.
This year, Russia holds the BRICS chairmanship. Valentina Matvienko, Chairman of Russia’s Federation Council, discussed the topic at the 10th BRICS Parliamentary Forum in St. Petersburg earlier this month. She announced that the economic bloc is actively developing a BRICS Bridge digital payment platform to circumvent political pressures and external sanctions. This proposed system would use digital currencies from the central banks of BRICS countries, linked to national currency values, and would require coordinated legislative efforts for implementation in cross-border transactions.