India recently hosted the 18th BRICS summit as renewed issue about de-dollarisation arise; the existing trade imbalances come to make local currencies a route to Chinese renminbi dominance. Because it imports 88% of its crude oil, New Delhi faces significant economic exposure, and its financial system is therefore susceptible to sudden price spikes tied to the dollar.
In order to overcome these weaknesses, the member states have suggested settling trade using local currencies, a common currency basket, or Central Bank Digital Currencies. Yet India had a trade deficit of $226 billion with its BRICS partners in fiscal year 2026. Such trade deficits benefit Beijing. Moreover, China's use of trade as a tool—for example, imposing discriminatory export controls on rare earths and semiconductor equipment—demonstrates the group's inability to reform the existing global geoeconomic order. In the end, India's effort to achieve strategic autonomy within BRICS is still limited by its security ties to the Quad.