De-Dollarization: Why India Won't Ditch The USD, But China May
The de-dollarization movement has taken substantial hold in recent years. The BRICS bloc of nations has spearheaded the search for an alternative to the US dollar. China, in particular, has pushed for the yuan as a replacement. While sentiment around the USD has dimmed, there are very few alternatives that can take its spot. Also Read: Putin Gifts Trump Painting & Proposes Ceasefire—Could a US-Russia Axis Trigger Re-Dollarization or De-Dollarization? Why India Does Not Back The De-Dollarization Movement Source: Bloomberg India has stated that it has no intention of moving away from the US dollar. According to India’s External Affairs Minister Dr. S. Jaishankar, the nation is not pushing for de-dollarization or a BRICS currency. Jaishankar has also highlighted the role of the USD in global stability. According to the ex-Reserve Bank of India Governor, Shaktikanta Das, ” Regarding the dollar and de-dollarization, as far as India is concerned, we have not taken any step. .....