THE GOVERNMENT IS working out a framework for countries or sovereign-backed firms to borrow from the Indian market to pay for their imports in rupee, a move that would help countries that have trade deficit with India, besides furthering the goal of rupee internationalisation.
"The countries which have trade deficit with India or their firms may explore the possibility of borrowing from Indian markets (to pay for their imports, or take steps to step up their exports to India," a senior finance ministry official told FE.
Even though such bilateral mechanisms will take time to stabilise, both export and import in the rupee would reduce pressure on the forex reserves of both partner countries and have mutual benefits.
Diese Geschichte stammt aus der September 04, 2023-Ausgabe von Financial Express Mumbai.
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Diese Geschichte stammt aus der September 04, 2023-Ausgabe von Financial Express Mumbai.
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