In 2022, India has already utilized a substantial sum of US$40 billion to stabilize the INR. Internationalization of the INR provides India with the advantage of safeguarding its foreign reserves in US Dollars, thereby enhancing forex stability. Additionally, in a volatile market, India’s imports will no longer solely depend on the US Dollar. Even if the US Dollar experiences sharp fluctuations, the import expenditure will remain more manageable. Rajkumar Ranjan Singh, Union Minister of State (External Affairs), officially stated that the government is actively engaging with the Indian trading community, including Small and Medium Enterprises (SMEs), to simplify administrative procedures and implement this mechanism effectively.
Recent Developments
This story is from the August 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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This story is from the August 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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