Union Commerce and Industry Minister Piyush Goyal announced India’s plan to internationalize the rupee in foreign trade.
The Union commerce ministry has announced the Foreign Trade Policy 2023 on Friday with no particular end date, breaking the tradition to set a five-year goal.
Union commerce and industry minister Piyush Goyal on Friday announced the Foreign Trade Policy 2023, breaking the tradition of setting a five-year goal and adopting a ‘long-term’ focus. The minster said there is no end date to the policy and it will be updated as and when necessary.
Among other focus areas, the new policy aims to push towards internationalisation of Rupee in foreign trades. Directorate general of foreign trade Santosh Sarangi said the total exports in the financial year 2023 is projected to cross $760 billion, almost 90% more than 2021-22 with $676 billion worth of exports.
India’s Minister of State for Finance, Bhagwat Karad, informed parliament that the rupee was closer to replacing the dollar as 18 nations agreed to trade in INR.
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