8 Jul 2022

The RBI Must Make a Conscious Effort to Make an International Rupee: Report

The Reserve Bank of India (RBI) should make a concerted effort to bring the Indian currency into the rest of the world amid tensions over the ongoing war in Russia-Ukraine, SBI Research said in a report on Thursday.
It is a good opportunity to insist on paying a rupee abroad, starting with smaller export partners, the report said.

Money can be called "international" if it is widely accepted around the world as a means of trade.

It also welcomed the latest RBI interventions regarding foreign trade lending and foreign direct investment portfolio in the debt sector, saying it would expand the market.

In terms of debt growth, SBI Research said it has grown by ₹ 2.6 lakh crores far surpassing the bank deposit deposit growth of ₹ 1.04 lakh crore this year.

"Continued growth in bank debt is a consolation and indicates that the Indian economy is still in turmoil. There are a few aspects of this debt growth," the report said.

In addition, he said the spending of operating by various sectors had a negative impact on all sectors directly related to political differences.

Those sectors include petroleum, energy, engineering, and cement.

"The good thing is that in other consumer-focused sectors such as skin, digestion has not had a significant reduction in operating costs. Even sectors such as medicine and age-old sectors such as health care have proven to adhere to high spending limits," the report added.

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