Will India's Rupee become global currency this summer? Here's what PM Modi's economic blueprint says

Will Indian Rupee become global currency this summer? Indian Prime Minister Narendra Modi's 100-day blueprint for the economy talks about making the Indian currency fully convertible. What is a fully convertible currency? Which other countries have a fully convertible currency? How does making the Rupee convertible affect your wallet?

#india #rupee #gravitas

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[NatiaMaisuradze-eyiq]

Seeing how financial markets ebb and flow reminds me of past events. Artur Grandi's book provides a clear formula for stabilizing investments and delves into options like cryptocurrency investments.

[KomiyanVT]

In the long run it would mean cheaper transactions with India - if the currency is fully convertible then transactions with foreign entities would carry a lower tariff.

[kzhu]

The fundamental issue is : what things foreigners or foreign companies can buy from India? This determines whether people want to hold Rupee.

[firetree]

"Russia Says It Has Billions of Indian Rupees That It Can’t Use
Lavrov says Russia needs rupees changed into another currency"

[DK-evdg]

I'm rolling on the floor laughing after hearing this.

[lakshminarayanan-lsfz]

Unless it's backed by gold silver, it is as good as paper

[kzhu]

By this summer? Pipe dream I am afraid.

[phillipchan]

There is nothing to buy in India with rupees. Only spend it on curry chicken everyday.

[hitep]

Good decision but if you scared about risk you cannot make a move and thats why indian rupee never able to compete the dollar in the global market and thats why it’s value stays low all the time. No risk no gain simple logic of business.

[lakshminarayanan-lsfz]

Back up inr with gold silver. Otherwise it's nothing but fiat

[firetree]

Indian refiners pay in Yuan for Russian oil import
Jul 7, 2023 — In June, the Indian Oil Corporation became the first state-owned refiner to pay for Russian imports in Yuan

[lakshminarayanan-lsfz]

Convertibility means convert to real asset. Another fiat currency is just another ponzi

[tulsinarayan]

India goverment
Should purchase
Foreign gold &
Make payment
In indian rupees

[orientalguy]

I guess, Until India becomes completely Átmanìrbhar, ₹ should not be made a fully convertible currency.

[XiaoxiaoYuyu-uggy]

India is in the middle of an extraordinary economic experiment.

On 8 November, Prime Minister Narendra Modi gave only four hours' notice that virtually all the cash in the world's seventh-largest economy would be effectively worthless.

[Jacklal]

No it will not. Indian currency in the world dont mean much today.

[HS-vrcq]

I will not use Indian currency ever. My old currency in become nulled in overseas.

[firetree]

Russia's central bank said it has no better options than the Chinese yuan for its reserves after two years of the Kremlin's war on Ukraine and the subsequent seizure of its international assets.Mar 29, 2024

[firetree]

top 10 currencies used in the world
1. US dollar (USD)
2. Euro (EUR
3. Japanese yen (JPY)
4. British pound sterling (GBP)
5. Chinese renminbi (CNH)
6. Australian dollar (AUD)
7. Canadian dollar (CAD)
8. Swiss franc (CHF)
9. Hong Kong dollar (HKD)
10. New Zealand dollar (NZD)

[nantakumaran]

India -Where are your Exports ?
This is why Isro must NOT waste time on space station, astronauts - but help India to built up the economy first they have thousands of scientists n engineers to help in manufacturing-
Design consumer products, help in production, built up manufacturing etc
Just copy some of the Chinese consumer products n start exporting .

India must aim FDI US 100 billion yearly,
India must bring in thousands of foreign companies!

Foreign companies in India less than 5000 companies - India is the worst - Pm Modi n Jaishanker must Not waste time visiting foreign countries instead stay back n focus on economy -
Built up the economy .

Why is EAM Jaishanker not aware that there are less foreign companies in India .
Going around talking about diplomacy is useless when there is no results .

b- China - more than 1 million foreign companies
c - Singapore - more than 37000 foreign companies
d - Vietnam - 33000 foreign companies