0It is highly difficult for a country like India to have its over dependency on USD. It is the right time to come out of USD transactions during business dealings with other countries. Dollar enjoys world's international reserve currency Status.
India, enjoy good rapport with majority of countries in the world except few in the border.
I cannot understand why big think tanks in RBI and the Finance Ministry have not started this process until now.
Now, we all aware that China and Japan are dealing with their own currency with effect from 01/06/2012 under Direct Currency Agreement (Yen / Yuan). Thus bypassing USD.
India mobilises almost 80% of its oil needs through imports and spend almost $330 million/day on imported Oil and Gas. India is the Third largest consumer of oil and Gas in the world.
Indian imports Crude Oil from Russia, Saudi Arabia, Qatar, Iran, Iraq ,Venezuela & Nigeria. India should now sign “Currency Swap Agreement” with all these countries where by to settle in INR thus bypassing in USD payments.
