Impact of De-Dollarisation Move on Indian Rupee

Manjinder Kaur

Journal of Global Economy, 2024, vol. 20, issue 3, 161-170

Abstract: Since the Russia-Ukraine war, it seems to be an era ofeconomic uncertainties and tense geopolitical relations. Could India reap some benefits arising out of these tense geopolitical scenario and uncertain geo-economic conditions? Post the invasion of Ukraine by Russia, Russia and China entered into a strategic relationship which provides a window for a more multialigned India. India could really reap the benefits of this strategic relationship of Russia and China if it can utilise this as an opportunity and puts more emphasis on its economic growth and market-oriented reforms. This could be possible if India strives for driving service based exports besides extending the manufacturing sector and gaining a pivotal role on the economic front through major chunk of global trade. India can utilise this strategic alliance of Russia and China as an opportunity especially by strengthening its economic power by focussing on service based exports besides expansionary move in the manufacturing sector. India could really gain out of these opportunities since lot many events are occurring globally which are really aiding India. Recent complex notifications as being given by the Ministry of Commerce and Industry, emphasised a few class of exporters and importers to execute trade transactions in the India Rupee. It is really a turning point amidst latest phenomenon of global trade promoting globalisation in almost every sphere of trade with a great hue and cry. These bilateral trade orders really made the citizens nostalgic about EXIM policy in the past before the globalisation move. But how this time these notifications deviate from the times when India used to have a closed economic system. At that time the dollar was king, imports were strictly regulated by tariffs, foreign exchange reserves were limited and above all these recent measures of foreign trade in India in Indian Rupee pose an important question whether this is a move towards de-dollarisation and if it provides a window for Indian Rupee to rise.

Keywords: De-Dollarisation; Geopolitical Relations; Geo-economic Conditions; Global Trade (search for similar items in EconPapers)
JEL-codes: F3 (search for similar items in EconPapers)
Date: 2024
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