India set to ditch US dollar in cross-border trade

The FTP 2023, revealed on Friday by Indian Commerce and Industry Minister Piyush Goyal, comes into effect on April 1, Russia Today reported.

Rupee trade was made the centerpiece of the new plan as part of New Delhi’s broader policy aimed at securing a global status for the currency and allowing it to be used for international trade settlement.

Indian policymakers have recently taken several steps towards shifting away from the greenback to rubles and rupees in mutual trade with sanctions-hit Russia. The nation agreed to switch to a rupee payment mechanism for Iranian crude imports. Malaysia is the latest nation to agree to settle trade with India using the rupee.

MNA/PR