INDIAN RUPEE GETTING ACCEPTANCE FOR INTERNATIONAL TRADE WILL HELP INDIAN ECONOMY AS A WHOLE

 

INDIAN RUPEE GETTING ACCEPTANCE FOR INTERNATIONAL TRADE WILL HELP INDIAN ECONOMY AS A WHOLE

I read this news through First Post, about 35-countries till now willing to use Indian Rupee for International Trade. Giving the link below:


If this gets into reality, it will help Indian Economy greatly :
1. It will make the Indian Products a tad Cheaper, due to the cost of conversion of Rupee to other Convertible Currencies like USD, EURO and BRITISH POUND gone. In reality, as per my past experience, the conversion cost used to be quite a lot at least 3% +3% (at both sides- at seller's bank and buyer's bank ) and minimum of another 3-5% at the Intermediary Banks. That used to make almost 9-11 % cost of conversion. With this Saving, the Indian Products will be able to pierce the Chinese Business very largely in Exports.

2. Imports will be Cheaper as the sellers to India, will have similar savings, Hence we can have international products that we need at lesser cost.

3. The International Buyers and Sellers will be inclined to deal with India more when they are beaten up by the US Dollar or Euro or GBP for their own internal reasons.

4. The US Sanctions keep happening on one or other of the Nations for various International Reasons from time time. That becomes a Difficult Bargaining and Arm Twisting either with USA or becomes a Deterrent for Indian Business of Import/Export. Such maladies will not be there, as Indian Rupee being used as alternative to USD, EURO  or GBP.

5. India's Effort, the Effort of Government of India in this Direction through the RBI (Reserve Bank of India, India's Central Bank) is welcome.


About the Author : Dr. Nimain Charan Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications; and he has 36+ years of work experience in both industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). He is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organizations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in industrial sectors, management in agriculture and dairy, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He lives at Mumbai in India.

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