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India and Africa explore rupee trade to boost commerce, says noel Tata
The Business Guardian
|August 22, 2024
Noel Tata, Chairman of the CII Africa Committee and Chairman of TATA International Ltd. emphasized the growing need for innovative financial strategies to overcome challenges in India-Africa trade at the 19th edition of the CII India-Africa Business Conclave in New Delhi.
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He particularly highlighted the concept of Rupee trade as a potential solution, stating, “To address these challenges, we are exploring the concept of Rupee trade.”
Tata underlined the importance of building mutual trust between financial institutions in India and Africa, stressing that this would pave the way for broader private-sector participation.
“Our goal is to build mutual trust between our (India and Africa) financial institutions and expand private sector participation, thereby facilitating the implementation of innovative financial solutions,” he added.
Tata further articulated India’s long-term vision of strengthening its economic partnerships within multilateral frameworks like the African Continental Free Trade Area (AfCFTA).
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