BRICS chief backs UPI for a world less reliant on $
BRICS chief Sameep Shastri has endorsed the adoption of the Unified Payment Interface (UPI) as a means to reduce reliance on the US dollar, advocating for a more balanced global economic system. In an interview with ANI, Shastri highlighted the necessity of shifting towards local currencies and digital transactions, stating that developing nations stand to gain from such a transition.
He argued that conducting trade through the dollar incurs multiple costs, including royalties, transaction fees, and penalties, which he deemed impractical for businesses. Shastri emphasized that UPI, with its $90 billion transaction volume, serves as a prime example of how digital platforms can foster a more multipolar economic environment, particularly for developing countries.
India, currently experiencing a trade deficit with most BRICS members due to high energy import costs, is working to strengthen exports and improve product standards to support bilateral trade. As part of India's BRICS chairmanship, member nations are exploring ways to expand trade and enhance supply chain resilience, with India aiming to increase its exports and foster a more balanced trade relationship.
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