India is expanding the rupee trade with several countries, many of which are at an advanced stage of dialogue and finalisation, said Union minister Piyush Goyal. He was addressing audiences at the CII Partnership Summit 2023 in New Delhi, India. Singapore and India have recently partnered on Unified Payments Interface (UPI), and the government hopes to do the same with the UAE in the near future.
With India’s ministry of micro, small, and medium enterprises (MSMEs) engaging with digitalisation, the country is developing its digital promise in the form of digital public goods for the use of the rest of the world, India’s ministry of commerce and industry said in a press release.
“It is a time to leverage friendships and partnerships to solve the many problems that the world is facing today. India today offers many competitive advantages over other competing economies. We are focusing more on high quality of goods as well as leveraging economies of scale, particularly given the large domestic market that we offer to businesses and investors who come and work in India and to our friends in their economic engagement with India,” said Goyal.
He added that a strong and responsive international institutional framework is called for in the case of financing global economic recovery.