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Following the US Federal Reserve’s sharpest tightening in monetary policy in decades, India has offered its currency as an alternative for trade to nations that are experiencing a shortage of dollars, Bloomberg reported.
As a result of Joe Biden’s disastrous economic policies, there are now coordinated efforts to weaken the global reliance on the U.S. dollar
India’s new foreign trade policy took effect on April 1, according to Reuters.
The outlet reported:
The South Asian nation is prepared to trade in rupees with nations facing a shortage of dollars so as to “disaster-proof” them and effectively boost its exports, Commerce Secretary Sunil Barthwal told a news conference in the capital, New Delhi.
The measures include industry-specific targets to reach a goal of $2 trillion in exports of merchandise and services by 2030, said Santosh Kumar Sarangi, head of the directorate-general of foreign trade (DGFT).
That represents a nearly three-fold jump from expected exports of $770 billion in financial year 2022/23, he added, despite global uncertainties that make the export scenario slightly challenging.
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