The Global Trade Research Initiative (GTRI) suggests that India should first attain middle-income status before pursuing the transformation of the Indian Rupee (INR) into a hard currency. GTRI highlights the complexities involved in achieving hard currency status, emphasizing the need for economic stability, political consistency, and robust fiscal policies. The think tank advises against rushing the process, as it may destabilize India’s economy. Instead, GTRI recommends focusing on strengthening local currency settlements to enhance economic stability. The article explores the challenges, including the need for a fully convertible rupee and reforms in the financial sector, before INR can achieve hard currency status.
GTRI Advises Caution as India Eyes Hard Currency Status for INR
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