India, which has set an ambitious target of $2 trillion exports by 2030, will be looking to achieve the milestone with the help of some transformational measures such as internationalisation of the rupee, e-commerce exports, and improving the ease of doing business through digital governance, two officials aware of the plan said.
According to the officials, FTP 2023 has been prepared keeping India's growing international stature in mind, and with an eye on leveraging this to grow exports. Many countries have expressed willingness to trade in rupees with India, they added, and FTP has factored this in so that traders settling in the local currency are not at a disadvantage compared to those who opt for dollars.
"Even some developed countries such as Germany and UK have agreed to use respective local currencies for trade instead of the US dollar," one official said, asking not to be named. So far, 18 countries have opened about 5 dozen special rupee vostro accounts (SRVAS), he said, a move that will not only strengthen the rupee globally but also help in reducing trade deficit.
This story is from the April 01, 2023 edition of Hindustan Times.
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This story is from the April 01, 2023 edition of Hindustan Times.
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