Dollar slide deepens as Trump shrugs it off
A sharp drop in the greenback is pushing investors toward gold and the Swiss franc, and raising a bigger question about trust in US assets.
BRICS is a political and economic grouping of five major emerging economies: Brazil, Russia, India, China, and South Africa. Established in 2006, BRICS aims to enhance cooperation among its members, promote economic growth, and reform global governance institutions to better reflect the interests of developing nations.
Collectively, BRICS countries represent approximately 40% of the world's population and over 25% of global GDP. The grouping seeks to provide a counterbalance to Western-dominated institutions like the World Bank and International Monetary Fund (IMF), advocating for greater representation for developing countries.
Key initiatives of BRICS include the creation of the New Development Bank (NDB), which funds infrastructure and sustainable development projects, and the Contingent Reserve Arrangement (CRA), a financial safety net for member countries facing liquidity crises. BRICS has also discussed alternatives to the US dollar for trade and finance, particularly in light of geopolitical tensions and economic sanctions against some members.
While BRICS members have diverse political systems and economic interests, the grouping emphasizes multilateralism, sovereignty, and development cooperation. It has also become a platform for discussing global issues like climate change, security, and health, aiming to shape a more multipolar world order.
A sharp drop in the greenback is pushing investors toward gold and the Swiss franc, and raising a bigger question about trust in US assets.
If accepted, it would mark the first formal attempt to link the central bank digital currencies (CBDCs) of BRICS members, a move that could reduce dependence on the US dollar at a time of heightened geopolitical tensions.
Last week, South Africa quietly asked Iran to scale back or withdraw its participation from the Brics naval exercise off its coast. It underlines South Africa's Catch-22 situation - adhering to commitments of the Brics while not annoying Trump.
A Communist Party of China delegation visited the BJP headquarters in Delhi and held talks with senior party leaders, marking the first formal party-to-party engagement between the two sides since the 2020 Galwan Valley clash.
As bodies pile up and internet blackouts continue, a Tehran-based journalist delivers the regime's counter-narrative—foreign terrorists, not state crackdowns, are killing Iranian civilians.
Renowned economist Jeffrey Sachs warns that Iran could be Trump's next target after Venezuela, calling the US a "rogue state" with no constitutional order. He reveals decades of regime change operations and predicts a potential global explosion if Trump follows through on threats against Tehran.
India pushed hard last year to reshape the Global South’s agenda in a multilateral forum like G20; 2026 is the time to materialise it
Former RBI governor Urjit Patel’s book is a powerful reflection on how Western sanctions now dictate geopolitics, and how India should play the game
Crude oil production, gold reserves, economic size and food sufficiency determine negotiating power in geopolitics.
Poorer and emerging economies like India consistently pay more to the global financial system than they receive back, while rich countries continue to benefit from lower costs and higher returns.
The Brazilian president's aide's revelations arrive amid growing global pushback against US economic pressure. By building interconnected payment systems and defending multilateralism, Brazil and India are charting a course toward de-dollarization while Trump's threats only accelerate their collaboration.
Putin concluded by highlighting ongoing cooperation in Brics, where India will assume the presidency in 2026, and other multilateral formats, aiming to build security, trust, and peace across Eurasia and beyond.
India and Russia have reinforced their enduring partnership at the 23rd Annual Summit, highlighting shared goals for peace and strategic cooperation. The leaders committed to expanding collaboration across multiple sectors despite global challenges.
Russian President Vladimir Putin, who is in India on a two-day visit, said he had personally stopped attending G8 meetings long before the fallout over Ukraine and said that, in his view, the grouping no longer reflects today’s economic realities.
Vladimir Putin praised India’s remarkable economic rise since independence, saying the nation has "come a long way". He said India has advanced faster than many Western economies.
Vladimir Putin's comments come at a time when conversations around de-dollarisation, alternative payment networks, and local currency trade have gained momentum within the BRICS bloc, especially after Western sanctions reshaped the global financial landscape.
India and Indonesia are poised to sign a major defence deal for the BrahMos supersonic cruise missile. The agreement, pending Russian consent, could deepen strategic ties and boost India's defence exports.
The renewed focus on India-Brazil ties comes amid rising global trade tensions. In August, US President Donald Trump announced 50 per cent tariffs on several Brazilian goods, already facing a 26.4 per cent levy, while also imposing similar duties on Indian exports.
Facing a deep economic crisis and seeking to reduce reliance on the IMF and World Bank, Pakistan has asked China to back its bid for membership in the Brics-founded New Development Bank. The move aims to secure alternative funding for infrastructure and development in Pakistan.
US President Trump claims his tariff threats forced countries to drop out of Brics. According to Trump, his warning led countries to rethink their participation in the economic grouping led by Brazil, Russia, India, China, and South Africa.
In this special report from the World Economic Forum in Davos in January 2026, veteran journalist Rajdeep Sardesai and foreign policy expert Fareed Zakaria analyze the shifting global order under Donald Trump’s presidency. Zakaria argues that Trump is reorienting American foreign policy by challenging traditional alliances with Europe, India, Japan, and South Korea. The discussion examines the 'Donro Doctrine' and the potential for a volatile 'post-American world' that may benefit China. For India, Zakaria emphasizes the necessity of maintaining a long-term partnership with the United States to advance up the technological value chain while focusing on internal economic modernization. The program also features Guan Xin of CGTN, who reports on China’s $1.2 trillion trade surplus despite ongoing tariff wars. Additionally, Indian industry leaders Rajan Mittal and Anand Goenka provide perspectives on India’s economic fundamentals amidst global market volatility. The report highlights the growing uncertainty in international trade and the strategic necessity for nations to diversify partnerships within a fluctuating 'Trumpian world order.'
CGTN anchor and chief business news editor Guan Xin discusses the trajectory of the Chinese economy and its complex relationship with the United States and India at Davos. Addressing the impact of Donald Trump's policies, Guan Xin stated, "We are not going to be bullied by a country that is using strength to pressure others," while emphasizing that China's countermeasures remain proportionate. The interview highlights China's massive 1.2 trillion dollar trade surplus in 2025 and its resilience against tariffs through high-end manufacturing and innovation. Guan Xin also touched upon China-India relations, describing India as an important partner and growth driver despite occasional frictions. Defending the Chinese political system, the editor characterized China as a "vibrant democracy" driven by long-term planning and unity. The conversation concludes with a focus on China's commitment to global openness and mutually beneficial trade, positioning the nation as a stable anchor for the Global South amidst shifting geopolitical alliances.
In this edition of Davos Brainstorm, watch as geopolitical expert Fareed Zakaria decodes the shifting global order under Donald Trump’s presidency and how India should deal with him and more.
On this Special Report, India Today’s Foreign Affairs Editor Geeta Mohan analyses India’s strategic response to the proposed 500 percent tariff imposition by Washington, D.C. As the Ministry of External Affairs confirms it is 'closely following the developments around the bill,' Mohan emphasises that 'diversification of markets is primary and most important for India' to maintain economic stability. The discussion highlights the 'calculated and dignified' approach taken by New Delhi amidst the escalating tariff tussle. Mohan warns that failing to secure a trade deal with the United States could inadvertently increase India's dependence on Chinese supply chains, contrary to the goal of building resilient, independent networks. The report further explores how the European market might become overcrowded if Indian goods are rendered 'practically unexportable' to American shores due to prohibitive duties. This analysis provides a comprehensive look at the multilateral complexities and the urgent need for diplomatic engagement to safeguard India’s export interests and global trade standing.
In this edition of India Today Global, renowned economist Professor Jeffrey D Sachs examines the escalating crisis in Venezuela following the capture of Nicolás Maduro by the US military on Saturday.
Renowned American economist Jeffrey Sachs discusses the escalating geopolitical tensions following the United States' recent actions in Venezuela. Speaking to India Today Global, Sachs characterises the kidnapping of the Venezuelan president as a "flagrant violation of international law" and argues that the US is currently governed by a "military security apparatus" rather than a constitutional order. He suggests that the primary motivations behind the regime change operation are ideological opposition to left-wing governments and the pursuit of Venezuela's vast oil reserves. Sachs expresses concern that the "deep state" continues to drive a playbook of assassinations and coups regardless of the sitting president. Furthermore, he warns that Iran could be the next target of US military intervention, potentially leading to a "global explosion" due to regional power dynamics. The interview also touches upon the muted response of European "vassal states" and the potential for BRICS nations, under India's presidency, to uphold the UN Charter against such imperialistic expansions.
On this Special Report, India Today Global examines the escalating crisis in Venezuela following the deposition of Nicolas Maduro. Renowned economist Professor Jeffrey Sachs joins host Geeta Mohan to discuss the geopolitical fallout of Maduro being brought to a New York court on narcotics charges. Sachs describes the action as a 'military abduction' and a 'flagrant violation of international law,' asserting that the US 'deep state' is driven by a desire for regime change and control over Venezuela's vast oil reserves. The discussion highlights President Donald Trump's broader foreign policy threats against nations including Iran, Mexico, and Greenland, which Sachs characterises as the 'Donro Doctrine.' He warns of a potential 'global explosion' if the US targets Iran and calls on BRICS nations, under India's presidency, to uphold the UN Charter against 'rogue state' behaviour. The report also covers the interim presidency of Delcy Rodriguez and the legal proceedings involving Maduro's wife, Cilia Flores, amidst global condemnation of the US military intervention.
The big talking point of this episode of News Today is the escalating political war over the Election Commission's Special Intensive Revision (SIR) of electoral rolls.
A special report details the escalating political conflict over the Election Commission's Special Intensive Revision (SIR) of electoral rolls. The issue has advanced to the Supreme Court after TMC MP Derek O'Brien filed a case alleging procedural irregularities and the 'mass deletion' of nearly 60 lakh voters in West Bengal. Political analyst Yogendra Yadav describes the deletion of 2.89 crore voters in Uttar Pradesh as unprecedented. The BJP has defended the exercise against opposition claims. Internationally, the program features an interview with economist Jeffrey Sachs, who critiques the 'Donald Doctrine' following the arrest of Venezuelan President Nicolas Maduro, and warns that 'Iran is next'. The report also covers renewed protests in Uttarakhand for the Ankita Bhandari murder case, with public demands for a CBI probe amid allegations of 'VIP' involvement.
Economist Jeffrey Sachs discusses the recent ouster and alleged kidnapping of Venezuelan President Maduro, comparing the event to the CIA's historical involvement in Haiti. In an exclusive interview with India Today's Geeta Mohan, Sachs asserts that the US operation was motivated by a desire for oil and a long-standing agenda against left-wing governments. He reveals that Donald Trump had suggested invading Venezuela as early as 2017 during a dinner with Latin American leaders. Sachs expresses grave concern that Iran may be the next target of US military action, stating, "The United States fights wars that Israel tells the United States to fight." He warns of a potential global explosion if conflict arises with Iran, citing their hypersonic missile capabilities. Furthermore, Sachs argues that the US is experiencing a constitutional crisis where the executive branch ignores Congress. He calls on BRICS nations, under India's presidency, to uphold the UN Charter and resist the actions of "rogue states" to protect international law.
This special report provides a comprehensive analysis of the critical challenges and opportunities facing India in 2026, covering the political, economic, and environmental sectors.
In a historic address to the Joint Session of the Ethiopian Parliament, Prime Minister Narendra Modi emphasized the deep cultural and historical ties between India and Ethiopia. Describing Ethiopia as the 'land of lions', PM Modi remarked, 'I feel very much at home because my home state, Gujarat in India is also home to lions.' The Prime Minister, who received the 'Grand Honor Nishan of Ethiopia' from Prime Minister Dr. Abiy Ahmed, announced the elevation of bilateral ties to a strategic partnership. He thanked Ethiopia for its solidarity following the Pahalgam terror attack in April 2025 and highlighted shared values in democracy and the Global South's rising influence. The address also touched upon cooperation in digital infrastructure, healthcare, and the 'Africa Steel Multiplier Initiative'.
In this special report, India Today Global Editor Pranay Upadhyaya details Prime Minister Narendra Modi’s historic two-day state visit to Ethiopia. Reporting from Addis Ababa, Upadhyaya highlights that PM Modi is the first Indian Prime Minister to visit the nation in over a decade. The Prime Minister was conferred Ethiopia's highest civilian honour and addressed a joint session of the Ethiopian Parliament. The report underscores the elevation of India-Ethiopia ties to a strategic partnership, focusing on trade, capacity building, and cooperation within the Global South. Upadhyaya also notes the Prime Minister's upcoming visit to Oman, marking the final leg of his three-nation tour.
Russian President Vladimir Putin, in an exclusive interview with India Today, addresses critical geopolitical and economic issues ahead of his visit to New Delhi. Speaking to Foreign Affairs Editor Geeta Mohan, Putin emphasizes Russia's neutrality in India-China tensions, stating, "India and China are our closest friends... I do not believe we have the right to interfere." He reveals a significant policy directive to address the trade imbalance, noting his "direct instruction" to the Russian government to identify more Indian goods for purchase. Putin also declares India a "full ally" in the fight against terrorism and discusses the recognition of the Taliban in Afghanistan as a strategic necessity. The interview covers BRICS, the use of national currencies, and the emerging multipolar world order.
In a world exclusive interview with India Today, Russian President Vladimir Putin addresses critical geopolitical issues, including the Ukraine war and relations with the US under Donald Trump. Defending India’s purchase of Russian oil, Putin argues, "If the US has the right to buy our fuel, why shouldn't India have the same privilege?" citing American imports of Russian nuclear fuel. He reveals details of a grueling five-hour meeting with Trump’s envoys, Jared Kushner and Steve Witkoff, admitting, "Frankly, even I grew weary of it." Putin expresses confidence that Trump "sincerely aims for a peaceful resolution" to the Ukraine conflict, though he notes the complexity of the peace proposal. The President also discusses US tariffs, stating Trump acts in "good faith" for the US economy, and mentions letters from American companies eager to resume business in Russia.
Russian President Vladimir Putin, in an exclusive interview with India Today, questions the relevance of the G7, stating, "I can hardly understand why countries of the G7 call themselves G7." He highlights that "India's economy in purchasing power ranks third" while noting the "recession in Germany" is there "for the third year in a row." Putin also clarifies his discussion with US envoy Steve Witkoff, saying, "I explained it to Mr. Witkoff why I had stopped visiting G8 meetings in the past," and confirms "no proposal came" for Russia's return. He suggests that the economic struggles in Europe are due to "erroneous policy" and mentions that France is also "on the brink of recession." He reaffirms Russia's focus on BRICS and the SCO.
In an exclusive interview with India Today, Russian President Vladimir Putin asserts that 'India is a major global player, not a British colony' and praises Prime Minister Narendra Modi's leadership, stating he 'is not someone who succumbs to pressure easily.' Addressing the impact of 'Operation Sindur' and Western sanctions, Putin confirms that defence cooperation, including S-400 and S-500 systems, remains robust. He highlights that 'over 90% of our transactions are already conducted in national currencies' and discusses future nuclear collaboration, specifically small power plants. Putin also comments on President Trump, noting that Russia's collaboration with India is 'not against anyone' but for mutual benefit.
An unidentified speaker addresses the signing of a significant declaration that elevates bilateral relations to the level of a 'specially privileged strategic partnership'. The speech emphasizes that this developing partnership is firmly based on the principles of equality, respect, and mutual consideration of interests. The speaker notes that recent talks with Indian counterparts were genuinely open and constructive, covering a wide area of cooperation including politics, security, economy, energy, and education. Furthermore, the address highlights the importance of working hand in hand to establish a just and multilateral peace. The speaker also mentions coordinating work with Indian friends within the framework of BRICS to foster a fair world order centered on the United Nations.
In this exclusive behind-the-scenes discussion, India Today’s Managing Editor Anjana Om Kashyap and Foreign Affairs Editor Geeta Mohan share insights from their historic interview with Russian President Vladimir Putin at the Kremlin. Speaking to Managing Editor Gaurav Sawant, the anchors reveal how Putin repeatedly emphasized that ‘this is not the India of the 70s’ and praised Prime Minister Narendra Modi’s focus on strategic autonomy. The Russian President, described as ‘relaxed’ and ‘enamored’ by Modi, discussed critical issues including the Ukraine war, the Donbass region, and India-China relations. Geeta Mohan notes that Putin’s affection for India comes ‘very naturally,’ while Anjana Om Kashyap highlights his intent to reach every Indian household.
In a high-profile bilateral summit at Hyderabad House, Prime Minister Narendra Modi and Russian President Vladimir Putin marked 15 years of the Special and Privileged Strategic Partnership between India and Russia. Addressing a joint briefing, PM Modi highlighted the robust ties, stating, 'In every situation, his leadership has given new heights to mutual relations.' President Putin reassured New Delhi of Moscow's continued support in energy security, asserting, 'Russia is a reliable supply of oil, gas, coal and everything that is required for the development of India's energy.' The leaders discussed a wide range of issues including counter-terrorism, with PM Modi appreciating Putin's condemnation of the Pahelgam terror attack. The summit also focused on expanding cooperation in trade, nuclear power, and the 'Make in India' initiative, aiming to take economic ties to new heights by 2030.