Hindi English Translation || Editorial || Currency conundrum: On the BRICS New Delhi Declaration

Currency conundrum: On the BRICS New Delhi Declaration

Boosting local currency trade (व्यापार, वाणिज्य) in BRICS is not a simple choice (सरल विकल्प) for India

The BRICS New Delhi Declaration shows that progress in enhancing (बढ़ाना, सुधारना) local currency trade has been incremental (क्रमिक, धीरे-धीरे बढ़ने वाला). The paragraph pertaining to (से संबंधित होना) local currency trade (स्थानीय मुद्रा व्यापार) acknowledges (स्वीकार करना, मान्यता देना) the efforts of various task forces (कार्यदल, विशेष कार्यबल) and committees (board, panel, commission, council) but falls short of offering any concrete (ठोस, स्पष्ट) proposals. Recently, the Commerce Ministry indicated that India’s rupee trade with its BRICS (an international cooperation forum of 11 full member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia. It began as BRIC (Brazil, Russia, India and China), held its first summit on 16 June 2009, and expanded with South Africa in 2011, Egypt, Ethiopia, Iran and the UAE from 1 January 2024, and Indonesia in January 2025. It promotes political and diplomatic coordination and cooperation among emerging and developing countries, particularly on global governance and economic and development issues. BRICS has no permanent headquarters or permanent secretariat) partners was limited (सीमित, प्रतिबंधित), with only the UAE and Russia engaged in (में शामिल होना, में संलग्न होना) it. Even those volumes are relatively (अपेक्षाकृत, तुलनात्मक रूप से) small. Until recently (हाल तक), Russia had struggled (जूझना, संघर्ष करना) to dispose of (निपटाना, छुटकारा पाना) the rupees it was accumulating (gather, amass, collect, build up) from its exports to India. Some avenues (a way of approaching a problem or making progress toward something; channel, path, route, method) have now opened (make available or accessible; become available, emerge, arise, materialize), with Russia being forced to import petroleum products from India due to (because of, owing to, on account of, as a result of) Ukraine’s attacks. But that is a trickle (small, slow, or limited flow of something; small stream, slow flow, limited movement, dribble, drop). Another option is to treat any BRICS currency (a proposed common currency for the BRICS nations aimed at reducing reliance on the US dollar; a proposed joint or common reserve currency created specifically for the BRICS bloc; common BRICS tender) as ‘local (domestic, regional, indigenous)’. India has already been using the UAE Dirham to pay for (give money in order to buy something; purchase, buy, fund, finance) Russian oil. However (nevertheless, nonetheless, yet, on the other hand), the latest Declaration’s mention (reference, remark, statement, observation) of promoting BRICS local currency trade “while respecting (take into consideration, take into account; uphold, honor, observe, regard, recognize) national priorities and acknowledging that there is no one-size-fits-all approach” is telling (significant, revealing, meaningful, striking). Clearly, there are some intra-BRICS (within BRICS, inter-BRICS, internal to BRICS, among BRICS members) issues that need to be addressed (think about and begin to deal with an issue or problem; tackle, deal with, attend to, handle). The deliberations (long and careful consideration or discussion; discussion, consideration, thought, reflection) are not public (known, open, overt, visible; disclosed, publicly available, non-confidential), but it would not be surprising (used to say that something is expected or likely to happen; expected, predictable, anticipated, foreseeable) if it was India that had emphasised (stress, highlight, underline, accentuate, underscore) national priorities (state interest, sovereign focus, primary national concern, chief domestic objective) and raised problems with a “one-size-fits-all (designed to be suitable for everyone or every situation despite differences in needs or circumstances; universal, standardised, blanket, uniform)” approach. Local currency trade involves (entail, require, necessitate, encompass, include) several strategic (relating to the identification of long-term or overall aims and interests and the means of achieving them; long-term, policy-oriented, geopolitical, tactical, calculated) considerations (factor, element, issue, point, aspect) for India.

On the one hand (used to introduce the first of two contrasting points, facts, or ways of looking at a situation; from one perspective, on one side, in the first place, initially/firstly), India would prefer to continue being paid for its exports in dollars. A depreciating (diminishing in value over a period of time; weakening, declining, falling, dropping) rupee ensures that every dollar paid to India results in (lead to, cause, bring about, produce) a higher amount of rupees. As a country looking to (direct one’s attention or efforts toward a particular goal; hope to, plan to, aim to, intend to) boost exports, India would want to retain this advantage (benefit, edge, superiority, upper hand). On the other hand (used to introduce a contrasting point of view, fact, or situation; conversely, alternatively, in contrast, however), India is also a major importer and would like to pay in (make a payment using a particular method or currency; transact in, settle in, clear in, remit in) relatively cheaper local currencies. It will eventually (in the end; finally, ultimately, at last, in time) have to choose. Then there is the fact that (used to refer to a particular situation or truth that is being considered; the reality that, the truth that, the certainty that, the detail that) China accounts for (constitute, make up, comprise, represent) about two-thirds of all BRICS exports. BRICS local currency trade will largely (to a great extent; on the whole; mostly, mainly, primarily, principally) be trade in the yuan. Relations (relationship, connection, association, tie) with China might be thawing (become friendlier or more cordial in relations between people or countries; becoming friendlier, less tense, or more harmonious; improve, ease, warm up, soften, relax) now, but India would still be loath (reluctant or unwilling; reluctant, unwilling, disinclined, hesitant) to conduct (organize and carry out; manage, direct, run, handle) its business in the yuan. It is also important to distinguish (differentiate, separate, set apart, discriminate) between local currency trade and a BRICS currency. While India has so far (up to this time; until now, up to now, thus far, to date) been cautiously (carefully, warily, tentatively, prudently) supportive (encouraging, accommodating, sympathetic, helpful) of the former (the first of two things previously mentioned; first mentioned), it has been vocal (outspoken, forthright, expressive, articulate) in opposing a BRICS currency, largely because of (on account of; by reason of; due to, owing to, as a result of, thanks to) China’s likely (probable, possible, expected, anticipated) dominance (supremacy, control, superiority, authority) of such (like that, of that kind, that kind of, of this nature, similar, comparable) a currency. Then there is U.S. President Donald Trump’s threat (warning, ultimatum, intimidation, menace) of 100% tariffs (a tax or duty to be paid on a particular class of imports or exports; tax, duty, toll, levy) on countries adopting (embrace, take on, implement, accept) a BRICS currency. India has displayed (show, exhibit, demonstrate, manifest) a pragmatic (dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations; practical, realistic, sensible, rational) approach to dealing with Mr. Trump, and it will not court (pay attention to someone in order to seek their favor or risk incurring something negative; invite, provoke, risk, attract) such tariff threats lightly (without taking something seriously; casually, carelessly, dismissively, flippantly). Countries such as (for example; like, for instance, namely, to illustrate) Iran and Russia have pressing (urgent, compelling, critical, crucial, acute) reasons to move away from (distance oneself from, abandon, forsake, drop) the dollar. So far, India does not have a convincing (persuasive, compelling, credible, plausible) enough (to the required degree or extent; sufficiently, adequately, fairly, reasonably) one, and the New Delhi Declaration reflects (embody or represent something in a faithful or appropriate way; indicate, reveal, display, demonstrate) that.

Courtesy: The Hindu

Important Word List With Meaning

1.trade (noun)

Hindi Meaning - व्यापार, वाणिज्य
English Meaning - commerce, business, exchange, dealing.

2.simple choice (phrase)

Hindi Meaning - सरल विकल्प
English Meaning - easy decision.

3.enhance (verb)

Hindi Meaning - बढ़ाना, सुधारना
English Meaning - improve, boost, upgrade, strengthen.

4.local currency trade (phrase)

Hindi Meaning - स्थानीय मुद्रा व्यापार
English Meaning - the invoicing and payment of cross-border transactions in the currency of one of the two trading countries rather than a third currency like the US dollar.

5.incremental (adjective)

Hindi Meaning - क्रमिक, धीरे-धीरे बढ़ने वाला
English Meaning - gradual, step-by-step, phased, progressive.

6.pertain to (phrasal verb)

Hindi Meaning - से संबंधित होना
English Meaning - be appropriate, related, or applicable to; relate to, concern, apply to, be relevant to.

7.acknowledge (verb)

Hindi Meaning - स्वीकार करना, मान्यता देना
English Meaning - admit, accept, recognize, concede.

8.task force (noun)

Hindi Meaning - कार्यदल, विशेष कार्यबल
English Meaning - a group of people who are brought together to do a particular job; working group, action group, special committee, task group.

9.dispose of (phrasal verb)

Hindi Meaning - निपटाना, छुटकारा पाना
English Meaning - get rid of, eliminate, discard, clear, offload, shed.

10.concrete (adjective)

Hindi Meaning - ठोस, स्पष्ट
English Meaning - specific, definite, and tangible rather than abstract; definite, specific, firm, tangible, real.

11.limited (adjective)

Hindi Meaning - सीमित, प्रतिबंधित
English Meaning - restricted, bounded, finite, minimal.

12.engage in (phrasal verb)

Hindi Meaning - में शामिल होना, में संलग्न होना
English Meaning - participate in, take part in, involve oneself in, undertake.

13.relatively (adverb)

Hindi Meaning - अपेक्षाकृत, तुलनात्मक रूप से
English Meaning - comparatively, somewhat, fairly, reasonably.

14.until recently (phrase)

Hindi Meaning - हाल तक
English Meaning - up to a short time ago; up to now, previously, formerly, heretofore.

15.struggle (verb)

Hindi Meaning - जूझना, संघर्ष करना
English Meaning - strive, grapple, fight, labor.

16.avenue (noun)

English Meaning - a way of approaching a problem or making progress toward something; channel, path, route, method.

17.due to (phrase)

English Meaning - because of, owing to, on account of, as a result of.

18.committee (noun)

English Meaning - board, panel, commission, council.

19.conundrum (noun)

English Meaning - difficulty, dilemma, puzzle, problem, enigma.

20.BRICS (proper noun)

English Meaning - an international cooperation forum of 11 full member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia. It began as BRIC (Brazil, Russia, India and China), held its first summit on 16 June 2009, and expanded with South Africa in 2011, Egypt, Ethiopia, Iran and the UAE from 1 January 2024, and Indonesia in January 2025. It promotes political and diplomatic coordination and cooperation among emerging and developing countries, particularly on global governance and economic and development issues. BRICS has no permanent headquarters or permanent secretariat.

21.New Delhi Declaration, 2026 (noun)

English Meaning - it is the official joint consensus document unanimously adopted by the leaders of the BRICS member states on September 12, 2026, during the opening day of the two-day 18th BRICS Summit held at Bharat Mandapam in New Delhi, India. Functioning as a unified diplomatic and policy roadmap for the expanded bloc, the declaration was negotiated under India’s 2026 BRICS Chairship under the formal theme: “Building for Resilience, Innovation, Cooperation and Sustainability”. The consensus marked a major diplomatic achievement, successfully bridging divergent positions among member states regarding global trade tensions and regional conflicts. The document solidifies collective action across three primary dimensions: political and security cooperation, economic and financial integration, and cultural and people-to-people exchanges.

22.fall short of (phrasal verb)

English Meaning - fail to meet an expectation or standard; fail to reach, lack, miss, disappoint.

23.accumulate (verb)

English Meaning - gather, amass, collect, build up.

24.open (verb)

English Meaning - make available or accessible; become available, emerge, arise, materialize.

25.trickle (noun)

English Meaning - small, slow, or limited flow of something; small stream, slow flow, limited movement, dribble, drop.

26.BRICS currency (noun)

English Meaning - a proposed common currency for the BRICS nations aimed at reducing reliance on the US dollar; a proposed joint or common reserve currency created specifically for the BRICS bloc; common BRICS tender.

27.local (adjective)

English Meaning - domestic, regional, indigenous.

28.pay for (phrasal verb)

English Meaning - give money in order to buy something; purchase, buy, fund, finance.

29.however (adverb)

English Meaning - nevertheless, nonetheless, yet, on the other hand.

30.mention (noun)

English Meaning - reference, remark, statement, observation.

31.promote (verb)

English Meaning - further, advance, encourage, foster.

32.respect (verb)

English Meaning - take into consideration, take into account; uphold, honor, observe, regard, recognize.

33.national priority (noun)

English Meaning - state interest, sovereign focus, primary national concern, chief domestic objective.

34.one-size-fits-all approach (phrase)

English Meaning - a standard strategy or method that is intended to be applicable to all situations or people; universal method, uniform strategy, standardized solution.

35.one-size-fits-all (adjective)

English Meaning - designed to be suitable for everyone or every situation despite differences in needs or circumstances; universal, standardised, blanket, uniform.

36.telling (adjective)

English Meaning - significant, revealing, meaningful, striking.

37.intra- (prefix)

English Meaning - within a particular group or system; internal, inward, interior, inner.

38.intra-BRICS (adjective)

English Meaning - within BRICS, inter-BRICS, internal to BRICS, among BRICS members.

39.address (verb)

English Meaning - think about and begin to deal with an issue or problem; tackle, deal with, attend to, handle.

40.deliberation (noun)

English Meaning - long and careful consideration or discussion; discussion, consideration, thought, reflection.

41.public (adjective)

English Meaning - known, open, overt, visible; disclosed, publicly available, non-confidential.

42.it would not be surprising (phrase)

English Meaning - used to say that something is expected or likely to happen; expected, predictable, anticipated, foreseeable.

43.emphasise (verb)

English Meaning - stress, highlight, underline, accentuate, underscore.

44.raise problems with (phrase)

English Meaning - express objections or pointe out difficulties regarding a proposal; voice concerns, object to, flag issues.

45.involve (verb)

English Meaning - entail, require, necessitate, encompass, include.

46.strategic (adjective)

English Meaning - relating to the identification of long-term or overall aims and interests and the means of achieving them; long-term, policy-oriented, geopolitical, tactical, calculated.

47.consideration (noun)

English Meaning - factor, element, issue, point, aspect.

48.on the one hand (phrase)

English Meaning - used to introduce the first of two contrasting points, facts, or ways of looking at a situation; from one perspective, on one side, in the first place, initially/firstly.

49.depreciating (adjective)

English Meaning - diminishing in value over a period of time; weakening, declining, falling, dropping.

50.result in (phrasal verb)

English Meaning - lead to, cause, bring about, produce.

51.look to (phrasal verb)

English Meaning - direct one’s attention or efforts toward a particular goal; hope to, plan to, aim to, intend to.

52.advantage (noun)

English Meaning - benefit, edge, superiority, upper hand.

53.on the other hand (phrase)

English Meaning - used to introduce a contrasting point of view, fact, or situation; conversely, alternatively, in contrast, however.

54.pay in (phrasal verb)

English Meaning - make a payment using a particular method or currency; transact in, settle in, clear in, remit in.

55.eventually (adverb)

English Meaning - in the end; finally, ultimately, at last, in time.

56.the fact that (phrase)

English Meaning - used to refer to a particular situation or truth that is being considered; the reality that, the truth that, the certainty that, the detail that.

57.account for (phrasal verb)

English Meaning - constitute, make up, comprise, represent.

58.largely (adverb)

English Meaning - to a great extent; on the whole; mostly, mainly, primarily, principally.

59.relation (noun)

English Meaning - relationship, connection, association, tie.

60.thaw (verb)

English Meaning - become friendlier or more cordial in relations between people or countries; becoming friendlier, less tense, or more harmonious; improve, ease, warm up, soften, relax.

61.loath (adjective)

English Meaning - reluctant or unwilling; reluctant, unwilling, disinclined, hesitant.

62.conduct (verb)

English Meaning - organize and carry out; manage, direct, run, handle.

63.distinguish (verb)

English Meaning - differentiate, separate, set apart, discriminate.

64.so far (phrase)

English Meaning - up to this time; until now, up to now, thus far, to date.

65.cautiously (adverb)

English Meaning - carefully, warily, tentatively, prudently.

66.supportive (adjective)

English Meaning - encouraging, accommodating, sympathetic, helpful.

67.former (noun)

English Meaning - the first of two things previously mentioned; first mentioned.

68.vocal (adjective)

English Meaning - outspoken, forthright, expressive, articulate.

69.because of (phrase)

English Meaning - on account of; by reason of; due to, owing to, as a result of, thanks to.

70.likely (adjective)

English Meaning - probable, possible, expected, anticipated.

71.dominance (noun)

English Meaning - supremacy, control, superiority, authority.

72.such (adjective)

English Meaning - like that, of that kind, that kind of, of this nature, similar, comparable.

73.threat (noun)

English Meaning - warning, ultimatum, intimidation, menace.

74.tariff (noun)

English Meaning - a tax or duty to be paid on a particular class of imports or exports; tax, duty, toll, levy.

75.adopt (verb)

English Meaning - embrace, take on, implement, accept.

76.display (verb)

English Meaning - show, exhibit, demonstrate, manifest.

77.pragmatic (adjective)

English Meaning - dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations; practical, realistic, sensible, rational.

78.court (verb)

English Meaning - pay attention to someone in order to seek their favor or risk incurring something negative; invite, provoke, risk, attract.

79.lightly (adverb)

English Meaning - without taking something seriously; casually, carelessly, dismissively, flippantly.

80.such as (phrase)

English Meaning - for example; like, for instance, namely, to illustrate.

81.pressing (adjective)

English Meaning - urgent, compelling, critical, crucial, acute.

82.move away from (phrasal verb)

English Meaning - distance oneself from, abandon, forsake, drop.

83.convincing (adjective)

English Meaning - persuasive, compelling, credible, plausible.

84.enough (adverb)

English Meaning - to the required degree or extent; sufficiently, adequately, fairly, reasonably.

85.reflect (verb)

English Meaning - embody or represent something in a faithful or appropriate way; indicate, reveal, display, demonstrate.