‘Trade from abroad will soon be done in rupees instead of dollars’, know what the industry minister argued

‘Trade from abroad will soon be done in rupees instead of dollars’, know what the industry minister argued

International Trade in Rupees: Commerce and Industry Minister Piyush Goyal said on Saturday that traders would soon be able to do business from abroad in rupees. He said that banks of many countries are opening special vostro accounts in Indian banks. In such a situation, deals are expected to be done with many countries in rupees.

The Reserve Bank of India (RBI) has approved 60 requests from correspondent banks from 18 countries including UK, Singapore and New Zealand to open Special Rupee Vostro Accounts (SRVA). The Union Minister said that RBI is in talks with the main banks of many other countries in this matter.

Soon there will be deals with other countries in rupees!

Piyush Goyal further said in his statement that if the talks of RBI with banks of many countries are completed and an agreement is made, then soon rupee will be used in international trade with many countries. He said that soon this process will be seen starting with many countries. He also said that talks are going on for free trade agreement with developed countries like European Union, UK and Canada.

Whole world wants economic deal with India

Council (GCC) and the Eurasian Economic Union (EAEU) group are also ready to negotiate such a deal with India. He said that the whole world wants a comprehensive economic partnership deal with India. There has been extensive discussion about the second phase of the production linked incentive scheme for the textile sector. He said that I am sure that very soon we will be able to get approval to finalize the outline of the scheme.

Task force will be established

On promoting the textile sector, Goyal said that the Ministry of Textiles has decided to set up an ESG task force. The task force will suggest ways to make the sector more eco-friendly and sustainable. A portal has also been introduced by the Ministry to promote the sale of handicrafts and handloom products. Regarding exports, the minister said that a target of $100 billion has been kept for the textile sector.

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