2023-10-27 13:59:48
The world is on the brink of recession; Will a nationalized rupee change things? Here are the recommendations Internationalization of Rupee Indian Rupee | Reserve Bank of India | Manorama Online Premium The world is on the brink of recession; Will a nationalized rupee change things? Here are the recommendations Internationalization of Rupee Indian Rupee | Reserve Bank of India | Manorama Online Premium War, fear of recession…: Rupee to become ‘international power’? This is the objective of RBI
Dr. Santosh Kumar P.K
Published: October 27 , 2023 07:18 PM IST
Updated: October 27, 2023 07:57 PM IST
4 minute Read
At one time Indian currency was legal tender even in Gulf countries. But now the US dollar rules the world. The signs that things are changing are that India is trading with various countries using the rupee. Recently an RBI committee has put forward some recommendations in this regard. Director of Center for Budget Studies, Cochin University of Science and Technology Dr. PK Santosh Kumar evaluates them.
RBI committee submitted recommendations for rupee internationalization in July 2023 (Photo: Tanmoythebong/shutterstock)
After the Russia-Ukraine war, the escalation of the Israel-Hamas conflict is likely to disrupt the global economy. Leading financial expert James Rickards recently pointed out that the US is already on the brink of recession. But the Reserve Bank and the central government are trying to keep the rupee from falling too much against the dollar. With the economic recession staring at the world, estimates suggest that the Reserve Bank will not change the strict restrictions on the rupee at least until the end of 2023. However, the RBI is now taking some measures that will not only defend the rupee but also resist it. The most important of these is the internationalization of the rupee.
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