Jaishankar emphasised India’s the commitment to the global use of the rupee in international finance.
External Affairs Minister Dr S. Jaishankar, currently on an official visit to the United Kingdom, engaged in a prominent discussion. Regarding the internationalisation of the Indian Rupee during an event at Chatham House, a renowned think tank in London. He addressed several critical global economic issues. Including the significant role of the US dollar, as the world’s primary reserve currency.
In response to speculation surrounding India’s intentions to supplant the US dollar. Jaishankar firmly stated, “I don’t think there’s any policy on our part to replace the dollar. At the end of the day, the dollar as the reserve currency is a source of international economic stability. Right now, what we want in the world is more economic stability, not less.” His remarks emphasised India’s recognition of the dollar’s vital role in fostering global economic confidence.
Dr Jaishankar reaffirmed India’s strategic commitment to enhancing the global acceptance and use of the Indian Rupee. We are clearly promoting the internationalisation of the rupee, because we are actively globalising India. As more Indians travel and settle abroad. Our trade and investment sectors expand, the necessity and use of the rupee will naturally increase. He elaborated, highlighting the growing interconnectedness of India’s economy with the rest of the world.
In addition to discussing the rupee’s internationalisation. Jaishankar addressed establishing mechanisms for facilitating cashless payments. He noted that India has implemented systems for rupee-based transactions with several countries. Those facing significant challenges accessing hard currencies.
“In many cases, we have put in place mechanisms for cashless payments, between India and other nations. Which has supported trade settlements”. Especially in countries grappling with a scarcity of hard currency, like US dollars. He added, underlining India’s proactive efforts in aiding trade partnerships.
The External Affairs Minister underscored that India does not view the US dollar as an impediment to its economic aspirations. “We have no issue with the dollar, and our relations with the United States are currently at their best. We have no interest in undermining the dollar,” Jaishankar concluded.” “Reiterating India’s collaborative stance in the global economic arena while promoting the rupee’s growing influence.”