"We are playing the same role as multilateral agencies," he added. "There's a need to address geopolitical effects in a dynamic manner," he said. The country is willing to trade in rupee with peers facing dollar shortage, taking exports forward and disaster-proofing those countries. Speaking after unveiling the Foreign Trade Policy 2023, the secretary said the government is focusing on strengthening the rupee payment system.Ĭhanges have been made in the policy to allow international trade settlement in rupee with a view to making the local currency a global currency. India’s move also has to be seen in the backdrop of several emerging economies diversifying their reserves in the past few years in order to go light on the greenback. The decision to elevate the rupee’s status as an international trade settlement currency comes at the right time when several economies are rattled by currency fluctuations and dollar shortage. Chennai: As the Foreign Trade Policy sought internationalisation of rupee, Commerce Secretary Sunil Barthwal said India is ready to trade in Indian rupee with countries facing currency failure or having dollar shortage.
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