Explain the need for internationalization of Indian currency. Also discuss its benefits and associated risks.
Answer: Internationalization of Indian currency is the process that involves increased use of the rupee in cross-border transactions. As per data for the year 2022, the share of rupee in global trade was less than 1.7%, whereas the share of dollar in international trade was recorded at around 88%.
Need for Internationalization
- Due to global inflation, economic crisis and excessive dependence on dollar, rupee devaluation is a major challenge in present scenario.
- With the internationalization of the rupee, India will not have to depend on the US dollar for its trade.
- The Reserve Bank of India has allowed domestic ....
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