India Eyes Trade In Rupee With Countries Facing Currency Failure, Dollar Shortage

Commerce Secretary has announced that India is prepared to trade using the Indian Rupee with countries experiencing currency failure or a shortage of dollars.

Barthwal made the statement during the launch of India's new Foreign Trade Policy on Thursday (31 March).

According to Barthwal, the government is focusing on the strengthening of the rupee payment system.

The Commerce Ministry has made changes in the FTP to allow international trade settlement in Indian Rupee with a view to making Rupee a global currency.

While addressing the gathering on the occasion, Commerce Minister Piyush Goyal expressed confidence that India will be successful in achieving the $2 trillion export target by 2030.

Subsidies or crutches alone cannot guarantee success for any industry, he emphasised.

Goyal further stated that the idea of exports will change in the country in the coming days.

According to DG Foreign Trade, Santosh Sarangi, the newly announced FTP 2023 will provide policy continuity and a responsive framework.

The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders.

The policy also seeks to encourage e-commerce exports which is expected to grow to $200-300 billion by 2023.