India reduces the use of USD in international trade, promotes payments in rupees
(VOVWORLD) - India on Friday released the Foreign Trade Policy 2023 (FTP 2023), which pushes the rupee trade to secure the global status of the currency and allow the rupee to be used to pay for international trade.
 Indian rupee (Photo: Reuters) |
The policy became effective from April 1.
Earlier, Indian policymakers have taken some steps towards switching from US dollar to the ruble-rupee mechanism in trade with Russia, which is being imposed by many sanctions.
Malaysia is the latest country to agree to settle trade with India in rupees. The initiative aims to facilitate the development of trade and the interests of the global trading community.
The latest policy which seeks to boost India’s exports to 2 trillion USD by 2030 identifies a series of measures like extending the FTP benefits to e-commerce exports and doubling the value limit for exports through courier service.