Rupee will be international currency by 2047, all the obstacles of foreign trade are ended

After the notification of DGFT, all import-export barriers in rupee have been removed. With many countries like Russia, Saudi Arabia, Iran, business can start soon in rupees. The government is trying to remove all the obstacles that come in the way.

Rupee will be international currency by 2047, all the obstacles of foreign trade are ended
Rupee will be international currency by 2047, image source:

The government has started the process of internationalization of Rs. Under this, a notification was issued last week by the Directorate General of Foreign Trade (DGFT) regarding import-export in rupee. With this all the obstacles coming in the way of foreign trade in rupee have been removed.

According to sources, the government wants to establish the rupee as an international currency by 2047, so that before 100 years of independence, the Indian currency is not less valuable than any other currency. Recently, in a meeting held between the senior officials of the Ministry of Finance and the Ministry of Commerce and Industry, discussions were held to prepare a mechanism to establish the rupee in the global currency

Business can start with these countries soon

Currently, more than 40 percent of global trade is done in US dollars. Ajay Sahai, CEO and Director General of Federation of Indian Export Organizations (FIEO), says that trading with Russia can start soon in rupees. After this there is a similar possibility with Saudi Arabia. This will certainly be a significant step towards internationalization of the rupee. Former FIEO President Sharad Kumar Saraf said that countries like Sri Lanka, Bangladesh, Mexico, Brazil can also trade with India in rupees. 

Relief in import bill

Exporters said that countries facing dollar crunch would be ready to do business in rupee. According to foreign trade experts, starting of business in rupee with countries like Russia and Saudi Arabia will bring relief in the country's import bill. India's imports from both the countries are increasing continuously.

Status of imports from potential countries

Country              Import                Hike

Saudi Arabia    $ 2,723 million   110 percent

Russia             $ 1,666 million      290 percent

Brazil                 $ 3769 million    50.73 percent

Mexico              $ 2323 million    25.49 percent

Iran                    $ 3614 million    35.33 percent

(Source: Ministry of Commerce)