India has made a significant financial contribution of nearly $2 billion to the BRICS New Development Bank (NDB), reaffirming its commitment to multilateral cooperation. Alongside this, 20 externally aided projects are being implemented across various sectors in India, with loans amounting to $4,867 million. These projects focus on critical areas such as transportation, water conservation, food management, and improving connectivity in rural regions, Union Minister of State for Finance Pankaj Chaudhary informed on Monday.
In response to a query raised in the Lok Sabha, Minister Chaudhary elaborated on India’s contributions to the NDB and its stance on the proposed joint currency for BRICS nations. The discussion highlighted India’s proactive role in fostering regional financial collaboration and its efforts to address developmental challenges through strategic investments supported by the bank.
The minister’s statement also shed light on the ongoing deliberations regarding the feasibility and potential implications of a BRICS joint currency. Such an initiative is aimed at reducing dependency on the US dollar for international trade, a move that has gained traction among member nations. However, concerns persist over the economic and political ramifications of such a shift, particularly in light of opposition from the United States.
One of the key challenges discussed was the threat of 100 percent tariffs on BRICS nations, as suggested by US President-elect Donald Trump. These threats have sparked concerns about the potential economic fallout for BRICS countries, including India, as they explore alternative mechanisms for trade and financial transactions. The minister’s remarks underscored the importance of navigating these challenges while maintaining India’s commitment to strengthening multilateral institutions.
India’s active participation in the BRICS New Development Bank and its engagement in exploring innovative financial solutions reflect the country’s strategic approach to fostering regional growth and resilience. By leveraging the NDB’s resources for key infrastructure and developmental projects, India continues to address critical challenges while contributing to the broader goals of the BRICS alliance.
