The Commerce Secretary of India said the country is prepared to conduct trade in Indian rupees with nations experiencing currency failure or a shortage of dollars.
He says this will help “disaster-proof” them.
India is prioritizing efforts to enhance the rupee payment system.
Reminder:
So far, eight countries have opened an SRVA to facilitate trade in the Indian rupee.
- Sri Lanka
- Mauritius
- Malaysia
- Singapore
- Myanmar
- Israel
- Germany
- Russia
In late 2022, the RBI Deputy Governor said that the country has to take risks for rupee internationalization for India to progress to be an economic superpower.
Currently, India and the UAE are collaborating on developing digital currencies.
Also, they are exploring the development of a mechanism that efficiently mitigates exchange rate risks in the proposed rupee-based trade between India and the United Arab Emirates.
We also discovered that India and Saudi Arabia are collaborating to establish an investment bridge and are exploring bilateral investment exchanges.
They are making big moves.