There is no easy way to answer this question. The best approach is to provide a dignified response by considering various perspectives that address all possibilities.
It is possible that India may act in its own interest, as Prime Minister Narendra Modi has exhibited some level of nationalist ambition in building a new India capable of competing against its rival in Asia, China. This could be beneficial for the Global South, as any effort to challenge the dominance of the US dollar would provide relief from the coercive and arrogant behavior of the United States of America.
On the other hand, it is also possible that India, driven by its ambitions, could be influenced or manipulated by the United States, which acts on behalf of European Anglo-Saxons and their descendants. The United States is interested in maintaining Western domination of the world, which historically has been characterized by slavery and colonialism. However, whether India is acting based on the first or second scenario, only time will tell.
In the current historical context, BRICS is considered a representative alliance for the Global South after centuries of exploitation by the Anglo-Saxon whites of Europe, America, and the collective West.
Replacement for the BRICS
What we cannot ignore is the potential impact if India intends to undermine the BRICS currency. India has an interest in emerging as a global power and has been encouraging many countries, particularly in the East African region with whom it has significant trade volumes, to use the Indian rupee as their currency.
Upon careful analysis of India’s intentions, it is conceivable that Russia and China would view India differently from a geopolitical perspective. They might consider admitting countries that are more opposed to the United States, such as Iran, or countries that the United States would consider a loss if they were admitted, like Saudi Arabia.
Another possibility is the admission of a group of countries that could replace India’s share in BRICS in terms of GDP or population. African countries such as Ethiopia, which has officially applied, could be strong candidates. Nigeria could also be invited to join, along with the admission of Egypt and Kenya. This would help compensate for any inconsistencies that India may bring to the group.
Will This Slow Down De-Dollarization?
Regardless of either scenario, it is difficult to envision the process of de-dollarization coming to a halt. It may slow down, but it will continue nonetheless. India itself has expressed an interest in reducing reliance on the dollar, as reported by Yahoo. If India chooses not to participate, BRICS would find a replacement, and the ongoing process would persist.
This presents a significant opportunity, particularly for Africa, to accelerate the use of the Pan-African payment and settlement system. African countries have been heavily impacted by the neocolonial system imposed by the West, and they should be more invested in dismantling it. Additionally, efforts should be made to enhance political unity, strengthen security, unify foreign policy, and remove all foreign military forces openly and covertly occupying the African continent.
