CEA V Anantha Nageswaran Denies India's Push For US Dollar Alternative

India's Chief Economic Adviser V Anantha Nageswaran has firmly denied reports suggesting that the country is actively pursuing an alternative to the US dollar.

Speaking at an event organised by the All India Management Association (AIMA) in New Delhi on Wednesday (10 September), Nageswaran emphasised India's focus on its own economic strengths rather than joining any global efforts to dethrone the dollar.

The CEA highlighted the nation's robust performance, pointing to a impressive 7.8 per cent GDP growth in the first quarter of the current fiscal year.

He stated that India is not pushing for an alternative currency to the US dollar, refuting claims that have circulated in international media.

This comes amid ongoing discussions about de-dollarisation in forums like BRICS, where India has maintained a cautious approach.

Nageswaran's remarks are timely, given recent US tariffs under President Trump, which could shave off 0.5 per cent from India's GDP growth, as per his earlier estimates.

However, he reiterated that such external pressures would not sway India's currency policy.

According to reports, New Delhi prefers bilateral trade settlements in local currencies where feasible, but without challenging the dollar's global dominance.

It is worth noting that India's foreign exchange reserves stand strong at over $700 billion, providing a buffer against volatility.

The CEA also touched upon the broader economic landscape, praising the private sector's role in driving innovation and exports.

Earlier, Nageswaran also addressed potential impacts from global events, including Trump's 50 per cent tariffs on Indian exports.

He projected India's FY26 GDP growth at 6.3-6.8 per cent, asserting that any tariff effects would be short-lived.

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Also Read: US Tariffs Could Slash 0.5 Per Cent Off India’s GDP Growth Rate In FY26: CEA