India's External Affairs Minister, Subrahmanyam Jaishankar, stated that the BRICS nations have no intention of weakening the US dollar. This declaration was made during an event in Doha, Qatar, on December 7, 2024, in response to comments from US President-elect Donald Trump. Trump had threatened that BRICS countries—including India, Russia, and China—should refrain from creating or supporting a currency that could challenge the dollar, warning of potential tariffs if they did not comply.

External Affairs Minister S. Jaishankar recently addressed concerns regarding the potential impact of former President Donald Trump's threats to impose tariffs on BRICS nations, including India. Speaking at the Doha Forum, Jaishankar emphasized that India has no interest in weakening the US dollar, despite Trump's assertion that a new BRICS currency could challenge the dollar's dominance in global trade.

Jaishankar highlighted the positive relationship between India and the Trump administration, noting that it was during Trump's presidency that the Quadrilateral Security Dialogue (QUAD) was revitalized. He remarked, “We’ve always said that India has never been for de-polarisation... US is our largest trade partner, we have no interest in weakening the dollar at all” . This statement underscores India's strategic economic ties with the United States, particularly as bilateral trade has surpassed USD 120 billion in recent years.

In response to Trump's threats of 100% tariffs if BRICS nations pursue a common currency, Jaishankar reiterated that there is currently no proposal for a BRICS currency and expressed skepticism about the feasibility of such an initiative due to differing economic policies among member nations . He further noted that India's economic stability is paramount and that any move towards a common currency could jeopardize its lucrative trade relationships with Western powers.

Jaishankar's comments reflect India's cautious approach to international economic dynamics, balancing its interests within BRICS while maintaining strong ties with the US to safeguard its broader strategic and economic priorities.

Jaishankar emphasized that the focus for India and its BRICS partners is not on undermining the dollar but rather on ensuring economic stability and resilience. He pointed out that India has not taken any significant steps towards De-Dollarisation. Instead, the Reserve Bank of India's Governor, Shaktikanta Das, reiterated this stance by highlighting that India's primary concern is to de-risk domestic trade from geopolitical disruptions rather than moving away from the US dollar as a global currency.