Comments
In this podcast episode, Dr. Ritesh Jain, Founder, Infynit, discusses the concept of de-dollarisation, which refers to reducing reliance on the US dollar as the global mode of exchange. He highlights the increasing concerns about the dominance of the USD in the global financial system and how developing countries perceive it as excessive dependence and potential weaponisation by the US. Jain explains that de-dollarisation aims to remove the dominance of a single currency and explores the reasons why countries should consider alternative currencies.
Jain also talks about India’s role in de-dollarisation through its participation in the BRICS consortium. While India has concerns about China’s intentions, it has been making efforts to strengthen ties with neighboring countries and promote the use of Indian rupees in bilateral trade. The podcast also examines the impact of Russia’s tensions on cross-border transactions and how India’s initiatives, such as the UPI (Unified Payments Interface), can disrupt the dominance of the USD.
Dr. Jain praises UPI as one of the best payment infrastructures globally and discusses how India’s focus on building trust, international cooperation, and stable financial policies can lead to the recognition of the Indian rupee as a trusted currency. However, he emphasises that UPI’s current form may not be fully equipped to challenge the dominance of the USD on a global scale. Factors such as international adoption, currency stability, liquidity, and a robust financial infrastructure need to be in place for UPI to become a viable alternative.
Listen in!
Host: Hamsini Karthik; Producer: Jayapriyanka J
______________________
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.