India to Take Rupee Globally 2024:
Indian Rupee to become Powerful 2024 Challenges and Opportunities
The Vision: Making the Rupee Globally Accessible: Indian Rupee to become Powerful 2024
- Context: India’s robust economic growth, accounting for 15% of global growth, positions it as an engine of prosperity.
- PM Modi’s Call: The PM emphasized that efforts should be made to make the rupee more accessible and acceptable worldwide.
- RBI’s Role: The RBI plays a pivotal role in achieving this goal.
Positive Points:
- Digital Revolution: The RBI has pioneered digitization through the Unified Payments Interface (UPI), a platform adopted by many nations.
- Asset Quality Improvement: The RBI’s determined clean-up drive has improved the asset quality of Indian lenders.
- Central Bank Digital Currency (CBDC): The RBI is among the first to pilot CBDC for retail users.
Challenges:
- Capital Account Convertibility: The rupee’s journey toward capital account convertibility faces hurdles. Currently, there is no free movement of the currency beyond India’s borders.
- Global Acceptance: Convincing the world to embrace the rupee as a global currency requires overcoming skepticism and building trust.
- Currency Volatility: Ensuring stability and minimizing volatility in the exchange rate is crucial.
Courtesy: Google
Future Prospects:
- AI and Machine Learning: In the next decade, India aims to leverage AI and ML for growth, including funding space projects and empowering youth and has aimed to take Indian Rupee to become Powerful 2024.
- Supporting Emerging Sectors: The RBI and banking industry must be prepared to fund emerging sectors like tourism and space exploration.
Conclusion: A Global South Champion
PM Modi’s vision extends beyond borders. Indian Rupee to become Powerful accessible, India can contribute to the prosperity of the entire Global South. As we celebrate the RBI’s 90 years, let’s look forward to a future where the rupee stands tall on the global stage! 🌍💱