India opposes US dollar substitution and supports the role of US dollar

India reiterated its support for the US dollar as its main reserve currency and denied its participation in the de-dollarization process. Chief Economic Advisor V. Anantha Nageswaran said exploring alternatives is not a priority and emphasized diversification of foreign exchange reserves, including gold, to stabilize economic growth. Despite previous discussions on the issue of local currencies, India remains concerned about the role of the US dollar in global trade.