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Don't Trust America, Says US Economist, Urges India to Work With BRICS

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India is rethinking its ties with the US and coddling up to China after Trump imposed 50% tariffs on trade. Many countries are scrambling for an answer on how to prioritize their economies and bow under pressure, bowing to Trump. Economist Jeffrey Sachs, a public policy analyst and professor at Columbia University, lent a word of caution to India, asking it to work closely with BRICS and not rely on the US. “Don’t trust America,” he said, during an interview with Business Today. Sachs explained that Trump made a mistake imposing 50% tariffs on India despite the country being a close ally. He stressed that India had gone out of its way to embrace the US dollar and rallied against the BRICS de-dollarization ideology despite being a member. Allies must not be treated this way, explained Sachs, highlighting Trump’s mismanagement. “Trump is not a very logical person and not a very strategic person, and so he does things impulsively,” he said. Also Read: ...

India expands national payment network to Singapore: What’s in it for crypto?

One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program. India’s national payment network, called the unified payments interface (UPI), is expanding its services beyond Indian borders to Singapore. The cross-border connectivity between Singapore and India via their respective rapid payment systems, namely PayNow and the UPI. Shri Shaktikanta Das, governor of the Reserve Bank, and Mr Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage. The UPI-PayNow integration will allow users of the two nations to send money across borders quickly. It is possible to send or receive money from India using only a UPI-id, cellphone number, or Virtual Payment Address for money held in bank accounts or e-wallets (VPA). UPI's instant real-time payment system helps to transfer cash immediately via a mobile interface between the two bank accounts. UPI ...