New Delhi: Union Home Minister Amit Shah revealed that India is on the verge of finalizing trade agreements with several countries to facilitate transactions in the rupee.
“Matters have been put on hold due to elections but we are in final stages of our negotiations with many countries. This will be a priority for us in days to come,” Shah affirmed in an interview with a popular media outlet.
With general elections currently underway and scheduled for completion on June 4, discussions have temporarily been paused.
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Shah emphasized the significance of transitioning towards rupee-based trade, particularly in addressing India’s trade deficit with foreign nations. “We may have deficit, but let’s say a country like Germany may have something which can be traded bilaterally in the euro and the rupee. The trade deficit may well be in international currency but a large amount of bilateral trade can shift to our own respective national currencies,” Shah remarked.
India aims to foster the use of the rupee in international trade settlements, banking on localized currency agreements to enhance the acceptance of the Indian National Rupee on a global scale.
