BRICS discussions in New Delhi are focusing on more efficient cross-border payment mechanisms and greater use of local currencies in trade.
The distinction matters. A system that makes national payment networks interoperable is very different from creating a single BRICS currency. The first can reduce transaction costs and settlement friction while leaving monetary sovereignty with each member.
India's interest is practical: cheaper cross-border payments, more options for trade settlement and better resilience when global finance is disrupted by sanctions, conflict or dollar funding stress.
