Indian rupee will soon become an international currency - Union Commerce Minister Piyush Goyal

Rajkot – India’s international trade will soon be in rupees. For this, banks of other countries are opening Vostro accounts in Indian banks. 60 foreign banks from 18 countries have sought permission from the Reserve Bank of India for this. Union Commerce Minister Piyush Goyal said these countries include the United Kingdom, Singapore and New Zealand. The Commerce Minister also expressed confidence that India is negotiating free trade agreements with major countries and organizations of countries. If these agreements are concluded, the country will get a big benefit. The Union Commerce Minister further said that the Indian textile industry, in particular, will benefit from this.

The Commerce Minister gave this information while speaking at a program related to the textile industry organized in Gujarat. Major countries are also keen to trade in the Indian rupee. Therefore, Piyush Goyal believed the rupee would soon become an international currency. Commerce Minister Piyush Goyal further said that major countries had taken steps for this and the RBI is discussing with the central banks of these countries. Piyush Goyal also informed about India’s negotiations on free trade with major countries and their organizations, when the Indian rupee is thus moving towards becoming an international currency.

Moreover, India’s talks on a free trade agreement with the European Union, the United Kingdom and Canada are in progress. At the same time, India is also negotiating free trade agreements with the European Free Trade Association (EFTA) as well as the Gulf Cooperation Council (GCC) and the Eurasian Economic Union (EAEU). Citing this, the Commerce Minister pointed out that the whole world wants to develop its economic partnership with India. Piyush Goyal further said that the Indian industry would get a lot of benefits from this.

Furthermore, the textile industry is also important for the agriculture and industry of the country. But in the past, India’s textile exports were hit by customs duties of other countries. Compared to that, Bangladesh was exporting textiles more easily. But after India’s free trade agreement with the UAE and Australia, India’s textile exports to these countries will increase significantly, Piyush Goyal claimed.

Meanwhile, cotton crops across the country suffer from severe pest infestations, raising concerns about the potential impact on cotton production. The Union Commerce Minister also claimed that the Agriculture Ministry and other concerned departments would work together to find a way out.

हिंदी मराठी