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| India set to reduce use of US dollar in cross-border trade | |
| (about 3 hours later) | |
| New Delhi is seeking to substantially boost the nation’s exports by 2030 | New Delhi is seeking to substantially boost the nation’s exports by 2030 |
| India’s central government has unveiled its new Foreign Trade Policy, which is expected to facilitate greater trade, boost manufacturing, help to shift away from the US dollar, and make the rupee a global currency. | India’s central government has unveiled its new Foreign Trade Policy, which is expected to facilitate greater trade, boost manufacturing, help to shift away from the US dollar, and make the rupee a global currency. |
| The FTP 2023, revealed on Friday by Indian Commerce and Industry Minister Piyush Goyal, comes into effect on April 1. | The FTP 2023, revealed on Friday by Indian Commerce and Industry Minister Piyush Goyal, comes into effect on April 1. |
| Rupee trade was made the centerpiece of the new plan as part of New Delhi’s broader policy aimed at securing a global status for the currency and allowing it to be used for international trade settlement. | Rupee trade was made the centerpiece of the new plan as part of New Delhi’s broader policy aimed at securing a global status for the currency and allowing it to be used for international trade settlement. |
| Indian policymakers have recently taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with sanctions-hit Russia. The nation agreed to switch to a rupee payment mechanism for Iranian crude imports. Malaysia is the latest nation to agree to settle trade with India using the rupee. | Indian policymakers have recently taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with sanctions-hit Russia. The nation agreed to switch to a rupee payment mechanism for Iranian crude imports. Malaysia is the latest nation to agree to settle trade with India using the rupee. |
| Under the new policy, India is also planning to raise the country’s outward shipments to $2 trillion by 2030. The plan includes a wide range of steps like expanding the FTP benefits to ecommerce exports and doubling the value limit for exports through courier. | Under the new policy, India is also planning to raise the country’s outward shipments to $2 trillion by 2030. The plan includes a wide range of steps like expanding the FTP benefits to ecommerce exports and doubling the value limit for exports through courier. |
| The FTP 2023 also proposes to create a designated zone with a warehousing facility to help e-commerce aggregators towards easy stocking, customs clearance and returns processing. | |
| India’s trade has been hit over in recent years due to Сovid-related disruptions to supply chains and a slowdown in global trade amid ongoing geopolitical tensions. | India’s trade has been hit over in recent years due to Сovid-related disruptions to supply chains and a slowdown in global trade amid ongoing geopolitical tensions. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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