New Delhi: Russia and China are putting full pressure to reach a consensus on some economic issues in the BRICS summit to be held on 22nd and 23rd October in Kazan city of Russia but India has not yet revealed its cards. Russia and China are trying to reach a major consensus on reducing the role of dollar in mutual trade between BRICS countries and prepare a blueprint on how to move forward in this direction.

Non-dollar global trade to increase

India agrees in principle that its non-dollar global trade should also increase. India itself is talking to many countries on this issue at the bilateral level. But India will not support any hasty agreement in this regard under the banner of BRICS. India will take a decision only after thorough thinking. When PM Narendra Modi addresses the BRICS summit on Wednesday, he will present India's stand.

The Ministry of External Affairs says, 'On the invitation of Russian President Vladimir Putin, PM Modi will go to Kazan to participate in the BRICS summit. This time the theme of the summit is 'Strengthening the multilateral system for equitable global development and security'. In this, global leaders will get an opportunity to discuss important global issues.

This country is included in BRICS

The campaigns launched earlier by BRICS and possible future agreements will also be discussed. PM Modi will also hold bilateral meetings with other leaders here. Apart from Putin, Chinese President Xi Jinping, Presidents of Brazil, South Africa and top leaders of BRICS' new member countries Iran, Egypt, Ethiopia, UAE and Saudi Arabia will also take part in this meeting. These five countries became members of BRICS only last year. Saudi Arabia has not yet become a full member of it.

Russian Ambassador to India Denis Alipov has said that this time leaders of 40 countries will participate in the BRICS summit. Sources say that Russia and China have been constantly saying that BRICS now needs to play a more relevant role on the global stage and this organization is now getting full support. Both countries said that BRICS should initiate changes in the ways of economic and political governance on the global stage.

India will take a decision keeping in mind its long-term interests

In this sequence, a decision will have to be taken on creating an alternative to the existing SWIFT system (Society for Worldwide Interbank Financial Telecommunications - a system that facilitates international financial transactions) to promote business in local currency. According to Russia and China, its roadmap should come in the upcoming meeting. But sources say that India will take a decision only after keeping its long-term interests in mind.

The Indian government is encouraging trade in local currency with other countries at its level. But in the current scenario when economic and political tensions are increasing between China-Russia and America-Western countries, India is keeping every aspect in mind.

Controversy already continues over buying oil from Russia

India is already in a dispute with the US and Western countries over buying oil from Russia. Now, with Russia and China opening a front against the US dollar, India does not want to rush into it. Both Russia and China are big trading countries for India and India will benefit from trading with them in local currency. India has already started doing this on a limited scale with Russia.