Will India's rupee replace the dollar in the global economy?

You can also consider this as the flow and recycling of the cycle of time that India, which once contributed 32 percent to the global economy, has once again started moving in the same direction. Economists of the world are amazed to see this new form of India, while America feels that if India continues to progress in this manner then it may not happen that in the form of dollar, which is used by one country for trading with another country in the world. So that the ongoing necessity or necessity does not end. Today, America is taking necessary steps to ensure that it remains the world's largest economy and India has played its part for this.
Right now, the great festival of democracy is going on in India, the common citizens of the country are electing their government. In such a time, interviews of prominent leaders of all political parties are continuously appearing in the media, in which the interviews of Prime Minister Narendra Modi are being seen the most in the media. Whenever India's foreign policy is mentioned in the questions asked, So Prime Minister Modi can be seen and heard saying clearly that “India decides its own policy, today it does not take its decisions under any foreign influence and pressure.” If we need oil and it is cheaper from Russia, India will buy it, then it does not matter to us what America or any other country thinks or not. We take decisions according to the needs of our country. Not on the basis of whether any country will be happy or feel bad.” Other similar things have also been clearly said by Prime Minister Modi.
In fact, it is necessary to investigate whether what Prime Minister Modi is saying is correct. When his words are studied at the economic level, they actually prove to be correct. Today, all the rating agencies of the world are not only seeing India running the fastest among all the countries of the world, they are also making predictions related to it. Also, a new twist that has emerged makes every patriotic Indian giddy. That is the Indian rupee moving rapidly towards joining the reserve currencies of the world.
I read an interview of renowned economist Nouriel Roubini. He says that over time the Indian rupee will be one of the global reserve currencies of the world. “It (Indian rupee) can be a unit of account, it can be a means of payment, it can become a store of value. Certainly, over time the rupee can become one of the various types of global reserve currencies in the world.” According to Roubini, overall there will be a process of de-dollarization over time. Roubini, known as 'Doctor Doom' by Wall Street, also explains the reason behind this and says that America's share in the global economy is falling from 40 to 20 percent. “The US dollar having two-thirds of all international financial and trade transactions does not make sense. A part of it is geopolitical.”
He says, “One can see how the rupee could account for some of the trade that India does with the rest of the world, especially as it stands out today as an important currency in the South-Asian region.” is coming.” Roubini doesn't stop at just saying that, he adds that even though there is no other currency yet capable of knocking the US dollar off its pedestal, the greenback is rapidly losing its competitive edge to the Chinese yuan and the second And the Indian rupee is replacing the dollar in many other countries in trade relations between two countries (India and others).
Roubini sees seven percent growth in India in the medium term. He also says “India's per capita income is so low that actually with improvement, certainly seven per cent, but more than eight per cent is possible. But to achieve that growth rate, you will have to do many more economic reforms which are structural. And if you achieve it, you can maintain it for at least a few decades.” But at the same time he also makes it clear that it largely depends on the economic policies made by the government of the country.
Jimeet Modi, Founder, CEO, Samco Securities, Samco Ventures, also gives a very positive response to India's economic sector. He clearly explains, “A major reason for America being a superpower is its strong currency, which accounts for more than half of the foreign exchange reserves of all global central banks. Most global trade takes place in USD. “This makes it easier for the United States to print more money and borrow more from other countries.”
He says, “At present, India is the fastest growing major developing economy in the world. Expected to become the third largest economy soon, global sentiments are bullish on the Indian economy. JPMorgan and Bloomberg have recently added India to their Global Emerging Market Bond Index. In this strong backdrop, the aim of making INR an alternative reserve currency is a promising case. “The steps taken by the Government of India and the Reserve Bank of India (RBI) to promote global acceptance of the INR (Indian Rupee) are in the right direction and commendable.”
Jimeet Modi also believes “Internationalization of INR will not only save transaction costs on foreign trade but will also yield direct dividends for the Indian financial market. With INR (Indian Rupee) becoming a strong currency, capital inflows into the debt market and equity market will increase. Liquidity and investor confidence will increase in the market. Additionally, stable and solid INR will enhance purchasing power for Indians and promote economic well-being as well as better returns for global investors. “Thus, internationalization of INR ensures a win-win situation for India as well as the global economy.”
Vinod Bansal is the national media head of Vishwa Hindu Parishad (VHP), but along with this he also has the identity of a professional business expert. In whatever institutions he has been associated as an economic advisor, today he can be seen achieving new heights in the economic world, he has given very encouraging information on this subject. Bansal quotes the New York Times as saying, “Now the Indian rupee will replace the dollar… India started globalizing the rupee on 13 July 22, today it is going to go international in 8 months… What? Not surprising? 30 countries are transacting in Rupee today.”
Vinod Bansal says, “Saudi is supplying oil to India in Rupees. Directorate of Foreign Trade (DGFT) had also issued a notification that export and import can be done in Rupees. Today 64 countries have agreed to transactions in Rupees with India, countries like Israel, Germany, Italy have also agreed to trade in Rupees.”
Then this is not all, according to Bansal, “UPI means the increasing influence of Unite Payment International. As soon as our rupee transactions are done in 50 countries, it will get a place in the IMF, then every country will also have to keep the rupee in reserve. Just waiting for India's reserves to become 1.5 trillion, India will be seen at the top position in the world. Tens of millionaires like George Soros who dream of breaking India into pieces and the opposition will be lying face down. What should we do… just trust today's government and move along. Don’t be misled by the opposition.”