India is fast emerging as a major global economy. Estimates by the International Monetary Fund and the World Bank show that India will become a $4 trillion economy in this financial year. For a long time now, India has remained the fastest growing major economy. In such a situation, India’s stature and India’s acceptance is increasing all over the world.
Rupee in more than 20 countries
The proof of this is the increasing acceptance of Indian rupee. While more than 20 countries around the world have agreed to use rupee in trade, some countries have also started giving place to rupee in their local payments and transactions. Recently Prime Minister Narendra Modi indigenous payment system UPI was launched in France and United Arab Emirates. Wherein UAE agreed on trade settlement in rupees. In this way, the number of countries that have agreed to settle trade in rupee has increased to more than 20.
Used in Nepal for years
Now talk about such countries, where rupee can be used in local transactions as well, then the first name comes in this case of Nepal. Indian rupee has been used in Nepal since long. After demonetisation, there were some ups and downs in this, but still transactions are being done in Nepal in Indian rupees.
Bangladesh has also started
Within last one month after Nepal, two new countries have agreed to accept rupees for local payments. Coincidentally, both these countries are also located in the neighborhood. About a month ago, the Central Bank of Bangladesh had said that payments can be made in Indian rupees in their country. Not only this, the Bangladeshi Central Bank had also talked about accepting payments from Indian credit-debit cards.
Statement of Sri Lankan Foreign Minister
Now a new name has been added in this episode of the neighboring country Sri Lanka. Sri Lanka is considering accepting the Indian rupee on the lines of the dollar, euro and yen for local transactions. Sri Lankan Foreign Minister Ali Sabri gave this information on Saturday. Sabri said, we have considered the possibility of using the Indian rupee, like we accept the dollar, euro and yen.
UPI already made
By allowing direct use of the rupee, Indian tourists and businessmen will not have to change currency frequently. With this adoption of rupee as currency for trade between the two countries will make the commercial relations stronger and more profitable. Both the countries have already agreed to operate UPI based digital payments to enhance trade and transactions.