1. Whoever has difficulties with USD, India can offer the use of Rupee. If there are balances in INR, then we should allow them to invest in India. For Russia, we can import items required by them and export them. Or use other currencies to pay off, even if it is RMB or better still, AED ! 2. But the thing to remember is that USD will remain the reference currency for price determination and we are just avoiding the use of USD for payments and NOT to De-Dollarize, etc! Let us not get into unnecessary daydreaming!!
First we need other countries need Indian currencies. For example yuan is international currency because it is a big exporter and inorder to buy from china people can use yuan for more stable import pricing. People use US dollars because a large majority of oil producing countries are pegged to dollar. You can buy oil only in dollar and it dominates all trade routes of the world.
Coz of wepaonization of dollar. Dominance in international diplomacy , to save forex, import and export trade in local currency, that currency can be used in International transaction It should not be in aribtrary and hapazard manner, we have to hae 2 polices- one for trade defeict and other for trade surplus country 9:43 We are in trade deficit with max countries, if we exclude handful of. Countries like srilanka n al Masala bonds 12:25 UPI going 20:35 global is one of the step towards rupee internationalization
I am not sure 'internationalizing' the rupee is feasible or even sensible right now. We run persistent deficits close to 8-9% of gdp as a country {states + center}. I don't see us opening up our capital markets. Also, we need a competitive currency to compete against export oriented economies like China, Vietnam etc. A slight appreciation in the rupee relative to these export powerhouses will mean millions of jobs lost as sectors that run on low3-5% margins become uncompetitive globally. It can be pursued as a long term goal maybe over two decades.
Besides, if you do knee jerk reactions like banning export of rice , rupee will never become international currenc y. Not that I am against banning export of rice, we need. toprotect our poor more than making rupee international
Mr Shekhar Gupta lampooned the idea of de-dollarisation in one of his 'Cut The Clutter' episodes.Has the party line at The Print shifted in view of subsequent developments ?
We do not have the economic heft and legal backbone yet, to see this happening. Right now it's just chest thumping and let's accept it. They day our percapita income crosses 20000 USD along with needed legal backing and efficient judiciary with lean bureaucracy may be then.....
It's not chest thumping more than laying the groundwork. It takes decades to build trust in a currency. So if you want rupee to be traded internationally, you start from today not when you think you're ready to take advantage of the value of your money.
@11:43 india is still closed economically. India doesn’t allow its NRI to open sole proprietor entity or Limited liability company. You have to have an Indian citizen mandatory involvement in any types of company formation even if it is 0.001% ownership. Such is the pathetic pace of Indian bureaucracy that it doesn’t trust its own previous X citizens irrespective of their caste or religion . What can we say about openness in Indian economy when such is the situation which stops many NRI from directly investing in India. In USA you can do business as sole proprietor or LLP even if you are India citizens and without any domestic residency in USA. All are welcome to do business. Why is India so afraid of NRI investing in their motherland? Bangladesh even offer dual citizenship status like USA. India on the other hand only think about some very few minuscule businesses who are afraid of NRI investing and who are afraid of competing . Is it to protect some special interests? How’s that going to help normal people In having more jobs if you are putting obstacles in your own economic growth?
Too much hype sarrounding Rupee Intl, Gold BRIC Currency, Petro Yaun etc. Mighty Dollar will still prevail as no other Country can Match their Economic, Military power, Their deep Bond Markets, Their innovation and Dynamism. These are aspirational talks.
@@chandrakanthotkar7262 There is a need to avoid dollars but the Yuan or Rupee does not even float and China or India have no bond market to speak of. There is rampant corruption in both Socities.
CCP China has been the biggest buyer of gold in the entire world and it's not even close because they are going to make the yuan gold-backed and interchangeable (but under typically Chinese opaque and difficult standards) and force the yuan on the world as the reserve currency. Organized crime worldwide loves using the dollar for their activities and money laundering and keeping dollars in offshore tax haven banks so they have slowed China's effort on making the yuan gold-backed. The USA dollar is the most counterfeited currency/money in the world and it's not even close.
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1. Whoever has difficulties with USD, India can offer the use of Rupee. If there are balances in INR, then we should allow them to invest in India. For Russia, we can import items required by them and export them. Or use other currencies to pay off, even if it is RMB or better still, AED ! 2. But the thing to remember is that USD will remain the reference currency for price determination and we are just avoiding the use of USD for payments and NOT to De-Dollarize, etc! Let us not get into unnecessary daydreaming!!
First we need other countries need Indian currencies. For example yuan is international currency because it is a big exporter and inorder to buy from china people can use yuan for more stable import pricing. People use US dollars because a large majority of oil producing countries are pegged to dollar. You can buy oil only in dollar and it dominates all trade routes of the world.
Coz of wepaonization of dollar. Dominance in international diplomacy , to save forex, import and export trade in local currency, that currency can be used in International transaction
It should not be in aribtrary and hapazard manner, we have to hae 2 polices- one for trade defeict and other for trade surplus country 9:43
We are in trade deficit with max countries, if we exclude handful of. Countries like srilanka n al
Masala bonds 12:25
UPI going 20:35 global is one of the step towards rupee internationalization
I am not sure 'internationalizing' the rupee is feasible or even sensible right now. We run persistent deficits close to 8-9% of gdp as a country {states + center}. I don't see us opening up our capital markets. Also, we need a competitive currency to compete against export oriented economies like China, Vietnam etc. A slight appreciation in the rupee relative to these export powerhouses will mean millions of jobs lost as sectors that run on low3-5% margins become uncompetitive globally. It can be pursued as a long term goal maybe over two decades.
Besides, if you do knee jerk reactions like banning export of rice , rupee will never become international currenc y.
Not that I am against banning export of rice, we need. toprotect our poor more than making rupee international
Mr Shekhar Gupta lampooned the idea of de-dollarisation in one of his 'Cut The Clutter' episodes.Has the party line at The Print shifted in view of subsequent developments ?
Thank you for the video
Where can viewers send in comments for future topics?
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Quality ❤
Well explained, analysed
We do not have the economic heft and legal backbone yet, to see this happening. Right now it's just chest thumping and let's accept it. They day our percapita income crosses 20000 USD along with needed legal backing and efficient judiciary with lean bureaucracy may be then.....
It's not chest thumping more than laying the groundwork. It takes decades to build trust in a currency. So if you want rupee to be traded internationally, you start from today not when you think you're ready to take advantage of the value of your money.
@11:43 india is still closed economically. India doesn’t allow its NRI to open sole proprietor entity or Limited liability company. You have to have an Indian citizen mandatory involvement in any types of company formation even if it is 0.001% ownership. Such is the pathetic pace of Indian bureaucracy that it doesn’t trust its own previous X citizens irrespective of their caste or religion . What can we say about openness in Indian economy when such is the situation which stops many NRI from directly investing in India. In USA you can do business as sole proprietor or LLP even if you are India citizens and without any domestic residency in USA. All are welcome to do business. Why is India so afraid of NRI investing in their motherland? Bangladesh even offer dual citizenship status like USA. India on the other hand only think about some very few minuscule businesses who are afraid of NRI investing and who are afraid of competing . Is it to protect some special interests? How’s that going to help normal people In having more jobs if you are putting obstacles in your own economic growth?
Too much hype sarrounding Rupee Intl, Gold BRIC Currency, Petro Yaun etc. Mighty Dollar will still prevail as no other Country can Match their Economic, Military power, Their deep Bond Markets, Their innovation and Dynamism. These are aspirational talks.
US earned this, They are losing it day by day. Its possible its going to take time. But it will eventually going to happen.
@@chandrakanthotkar7262 There is a need to avoid dollars but the Yuan or Rupee does not even float and China or India have no bond market to speak of. There is rampant corruption in both Socities.
It will happen. US bought in on themselves. Deal with it.
CCP China has been the biggest buyer of gold in the entire world and it's not even close because they are going to make the yuan gold-backed and interchangeable (but under typically Chinese opaque and difficult standards) and force the yuan on the world as the reserve currency. Organized crime worldwide loves using the dollar for their activities and money laundering and keeping dollars in offshore tax haven banks so they have slowed China's effort on making the yuan gold-backed. The USA dollar is the most counterfeited currency/money in the world and it's not even close.
We don’t subscribe to you because Manipur videos may come on your shows but Bengal, Rajasthan or Chhattisgadh videos are conspicuous by their absence.
How about you share them. Let us all be awakened to it.
First comment on the video!! :)
Where is Ila Patnaik of Ilanomics?
She left a long time ago