India has backed out from creating a common BRICS currency for trade

India has backed out from creating a common BRICS currency for trade

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 Indian Foreign Minister says India will not support any  common BRICS currency for trade.

BRICS have been working a new common currency for trade between BRICS countries, replacing dollar. 

A prominent Chinese think-tank has asked to 'expel' India from BRICS, declaring it the "weakest link". 

BRICS contribute to 31.5% of global GDP, surpassing G7 group, making it the biggest economic bloc.  

 Many western finance institutes have warned that a BRICS currency can challenge  dollar dominance.

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