Ambitious Goals
Argentina said no, and Saudi Arabia is as yet still deciding if they want to join.
Office of the Prime Minister of India
China and Russia are pushing for this development to make BRICS more grounded monetarily and to take on the US and its Western allies.
BRICS Dissent
Yet, not every member of BRICS agrees with these ambitious goals.
Wikimedia Commons user Bb3015
India, South Africa, and Brazil are not content with the quick expansion.
Danger to Strategies
They are requesting to pump the brakes and let the new nations get comfortable first.
Flickr user 9YAN_5350
The concern is that if too many members are initiated at once, it could wreck strategies and economic accords.
China’s Intentions
India is particularly doubtful of China’s intentions with this new expansion.
Flickr user Palácio do Planalto
They think China is utilizing BRICS to push its own plan of international dominance.
Russian Tactics
India likewise thinks that Russia is attempting to utilize BRICS to turn the tables on the US for the sanctions on its economy.
Flickr user Palácio do Planalto
In India’s view, the 2024 development is only a cover for China and Russia’s greater plans.
“Equal Partnership”
India wants BRICS to keep its original spirit of equal partnership” a source said as per The Hindu Business Line.
Office of the Prime Minister of India
India is proposing a five-year gap prior to giving more nations access to BRICS.
New Nations
They contend this time is required to get everything moving along as planned with the new nations.
Office of the Prime Minister of India
This point has been raised in ongoing discussions with senior authorities and sherpas.
Financial Circumstances
While these discussions are ongoing, the monetary circumstances aren’t looking all that positive.
Wikimedia Commons user Billjones94
The US dollar has been thrashing the Indian rupee as of late. The rupee hit a low of 83.63 in June 2024, recuperated a little, but then lowered again to 83.62.
Competitive Dollar
This isn’t simply an issue for the rupee. The dollar has been beating 22 out of 23 significant Asian currencies this month.
Wikimedia Commons user AgnosticPreachersKid
Just the Hong Kong dollar has figured out how to hold its ground.
Asian Currencies
The Chinese yuan has dropped to its lowest since December 2023, and the Japanese yen has hit its most fragile point since the 1990s.
Prime Minister of the Russian Federation
Foreign institutional investors (FIIs) have additionally added to the rupee’s fall.
Rupee Performance
Recently, FIIs pulled out $2.6 billion from the Indian financial exchange.
Government of India
This increased the drop further against the dollar as it attempted to rise again.
This huge outpouring compounded pressure on the rupee as it struggles to compete on the global stage.