Business & Economy

Many Countries Keen to Trade in Rupees with India: Commerce Minister

CC0 / / Indian rupee
Indian rupee - Sputnik India, 1920, 11.03.2024
Countries across the globe, including Bangladesh, Sri Lanka, Gulf states, and even Singapore, are showing a keen interest in trading with India using the Indian rupee, Indian commerce and industry minister Piyush Goyal said.
"Bangladesh and Sri Lanka are already negotiating with us and want us to start this (trade in rupees) immediately. Other countries in the Gulf region are considering it. I think it will take some time for people to see the benefits. And then more and more developed countries and Far Eastern countries will join the list. Singapore has already joined in to some extent," he told PTI.
This initiative, aimed at reducing transaction costs, is hailed by Piyush Goyal as a potential "game changer" in international trade.
"There is a growing realisation that converting all remittances in both directions into a third currency will significantly increase transaction costs," Goyal said.
Talks are underway with multiple nations to adopt rupee trade, following successful implementations with Nepal, Bhutan, and for non-oil trade with Russia.
According to India's Ministry of Commerce and Industry, India can convert 16.38% of its total trade with Russia and neighbouring countries, excluding Pakistan, into rupees.
Indian rupee - Sputnik India, 1920, 11.01.2023
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