Indians will stop using the dollar from 2025! 1st in the world by population and 5th economy de-dollarizes all its transactions

India will stop using the US dollar from 2025, Indian Prime Minister Narendra Modi has announced!

Thus, India, which ranks 1st in the world in terms of population and 5th in economy, is depegging all its trade to the dollar, and not just that which it conducted with Russia and China.

The founding member of the BRICS chooses currency independence from the US, which means that he has made a geopolitical choice.

India effectively rejects the “bloc” of the West and joins the BRICS, the rival “bloc” founded by Russia and China.

Narendra Modi

The US dollar will no longer be used in India by 2025
#NarendraModi #dollar #India #USA pic.twitter.com/MW4Ku0rISb

— jackseinfeld1980 (@jackseinfe7533) May 23, 2023

“The upcoming visit of Narendra Modi to the US is of interest. The White House said that the visit of the Indian Prime Minister is an opportunity to “reaffirm the country’s deep and close relationship with the US.” The United States prefers to maintain a “silent” stance because they need India as the only hope for the role of the American Trojan horse in Eurasia.

As with Turkey and Erdogan, Americans feel that Modi will not be prime minister forever, as he has ruled India for the past nine years and has set a goal of making his country the world’s third economic power in the coming years, overtaking Japan and Germany. But the choice in favor of deglobalization is already strategic and will not change with any change of power in India.

White House has said the visit of Prime Minister Narendra Modi to the US will be an opportunity to reaffirm the deep, close partnership between US and India.https://t.co/I1sN8e75CH

— Simran (@Simran522777991) May 24, 2023

The White House said Prime Minister Narendra Modi’s visit to the US would be an opportunity to reaffirm the deep and close partnership between the US and India.

It should be added here that the Indian rupee has become one of the reserve currencies of the world in recent years.

#IndianRupee becomes the 4th international currency after #Dollar, #Pound & #Euro accepted on Currency Exchange counter in #Doha, Qatar. *$ £ € ₹* proud moment for #india #makeindia #narendramodi pic.twitter.com/uPnTJSpLfN

— Suresh Kumar Kurapaty (@kurafatygyan) April 16, 2023

Huge Achievement 🇮🇳🇮🇳

Proud To Be Indian 🇮🇳🇮🇳#kamaldeepsingh #mylovelylinkie #pmoindia #narendramodi #bjp #India #indianrupee #dollar #euro #currency #foreigninvestors #foreignexchange #foreignpolicy #foreign trade https://t.co/UGM5WE4sy2

— 𝑲𝒂𝒎𝒂𝒍𝒅𝒆𝒆𝒑 𝑺𝒊𝒏𝒈𝒉 𝑺𝒐𝒌𝒉𝒊 (@KamSingh1313) April 19, 2023

The dollar’s share of global foreign exchange reserves has declined from about 73% in 2001 to about 55% in 2021. Then, in 2022, it fell to 47% of total world reserves, with a strong downward trend.

For comparison, the euro is in second place, accounting for about 20.5% of world foreign exchange reserves, and the Chinese yuan – only 2.7% over the same period, but it is clear that certain processes of dollar depreciation are taking place.

China is one of the most active players in this process, given its current dominance in global trade and as the world’s second largest economy. Based on 2022 trade direction data from the IMF, mainland China was 61 countries’ largest trading partner when imports and exports are combined, according to CNBC’s calculations. For comparison, the US was the largest trading partner of 30 countries.

“As China’s economic power continues to grow, this means it will have more influence on global financial institutions and trade.” In particular, according to the latest data from the US Department of the Treasury, in February of this year, he held almost $849 billion in US Treasury bonds. But China is not the only country calling for the abandonment of the US dollar.

Brazilian President Lula visited Beijing in April, where he reportedly called for a reduction in world trade’s reliance on the US dollar. During Malaysian Prime Minister Anwar Ibrahim’s recent visit to China, he proposed the creation of an “Asian Monetary Fund” to reduce dependence on the US dollar.

In an interview with CNBC on April 6, Malaysia’s Commerce Minister also acknowledged concerns about Asia’s reliance on the US dollar.

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