‘De-dollarisation’ pact with UAE, a good step https://www.thehindubusinessline.com/opinion/editorial/de-dollarisation-pact-with-uae-a-good-step/article67102013.ece
July 20, 2023 The UAE is India’s major trading partner and home to a large India Diaspora
The Russia-Ukraine war and the resulting disruption in international trade settlement seem to have prodded the Centre to reduce dependence on the US dollar and establish alternative channels for current and capital account settlement....The recent agreements signed with UAE to establish a framework for settlement of cross-border transactions in local currencies and to inter-link the payment and messaging systems of the two countries, are especially significant given the prominence of UAE in India’s trade and capital flows.
De-dollarisation: shifting power between the US and BRICS https://www.lowyinstitute.org/the-interpreter/de-dollarisation-shifting-power-between-us-brics MICHAEL ROACH
Will a new global reserve currency threaten the greenback’s supremacy? The short answer is yes.
During the 2022 BRICS summit, Russian President Vladimir Putin announced that the bloc was working to create an “international reserve currency”... It is speculated that the BRICS currency will be backed by gold...Indeed, central banks are already stockpiling gold reserves. According to the IMF World Gold Council, the first two months of this year saw the largest purchases of gold from Singapore (51.4 tonnes), Türkiye (45.5 tonnes), China (39.8 tonnes), Russia (31.1 tonnes) and India (2.8 tonnes).. BRICS nations now account for more than 40 per cent of the world’s population and have an aggregated global GDP of 31.5 per cent. This surpasses the G7’s (United States, Canada, France, Germany, Italy, Japan and the United Kingdom) GDP of 30.7 per cent.
..Despite China–India relations alternating between détente and antagonism, both countries seem willing to cooperate to some extent, with India participating and investing in the BRI on a proxy basis through the Asian Infrastructure Investment Bank, New Development Bank and Shanghai Cooperation Organisation..
Will & should India support China & Russia’s De-dollarisation move :A Focus on India’s Dilemma
May 7, 2023 https://timesofindia.indiatimes.com/blogs/truth-lies-and-politics/will-should-india-support-china-russias-de-dollarisation-move-a-focus-on-indias-dilemma/
Will India accept new BRICS currency, if floated & also, will India want to be economically aligned with China with whom it is having a standoff at the border?
The US considers India a valuable ally and strategic partner in the Indo-Pacific region. The Indian government considers Russia and China’s efforts to reduce dollar usage, more ideological than practical, and does not explicitly support the mobilisation by BRICS to challenge dollar’s hegemony. Recent military standoffs between India and China may also prevent India from supporting China’s plan to dethrone the dollar.
Dr. Ankit Shah holds interaction on De-dollarization in FISME https://knnindia.co.in/news/newsdetails/economy/dr-ankit-shah-holds-interaction-on-de-dollarization-in-fisme
Real Masterstrokes by Modi Coming Soon | Worried Opposition | Predictions by Ankit Shah, SanjayDixit https://youtu.be/0QX_EuX3uhQ The Jaipur Dialogues