At a recent conference in New Delhi, Noel Tata from TATA International Ltd. proposed using the Indian rupee for trade between India and Africa, aiming to break free from the dollar’s dominance in global trade. This move is part of a broader “rupee revolution,” reflecting similar efforts by Malaysian Prime Minister Anwar Ibrahim, who also suggested trading in rupees with India.
Tata and Sanjiv Puri from ITC see this shift as a way to boost economic ties and explore new opportunities, especially in agriculture, which could enhance food security in Africa. Both leaders are excited about leveraging Africa’s resources and deepening economic connections through these innovative trade strategies.
Tata also shared India’s long-term vision of strengthening its economic partnerships within global trade frameworks, like the African Continental Free Trade Area (AfCFTA). He wants India to be seen as a “Friend of the World” and strengthen its global role through these partnerships.
In another part of the event, Sanjiv Puri, the President of CII and Chairman of ITC, talked about the potential for India and Africa to work together in agriculture. He highlighted opportunities such as joint ventures in agro-processing and the transfer of seed technology. These efforts could boost agricultural productivity and help with food security in Africa.
Puri also mentioned that Indian businesses are committed to offering solutions that are appropriate, affordable, and adaptable to Africa’s needs. He pointed out that Africa’s rich resources can help promote sustainable solutions worldwide, and India is eager to partner in this effort.
Finally, Puri noted that the African Continental Free Trade Area opens up new opportunities for Indian companies. He encouraged Indian businesses to explore these opportunities by creating regional production networks and actively engaging in African industrial markets.
