Business
India Eyes Trade In Rupee With Countries Facing Currency Failure, Dollar Shortage
Swarajya Staff
Mar 31, 2023, 03:24 PM | Updated 03:24 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.