Commerce and Industry Minister Piyush Goyal has expressed optimism about settling foreign trade in the rupee currency, as several banks from 18 different countries have been approved by the Reserve Bank of India (RBI) to open Special Rupee Vostro Accounts (SRVAs). Goyal stated that the RBI is in discussions with its counterparts in other countries on this matter and that operationalisation of rupee trading in international trade will soon begin. Additionally, negotiations for free trade agreements (FTAs) with developed regions, including the European Union, the UK, and Canada, are in advanced stages, and several groups are interested in starting similar talks with India. Goyal also discussed the second phase of the production-linked incentive scheme for the textiles sector, stating that stakeholder discussions have taken place, and he is confident that the contours of the scheme will soon be finalised for approval at the highest level.
The statement by Commerce and Industry Minister Piyush Goyal that “the whole world wants to have a comprehensive economic partnership agreement with India” highlights the growing interest in India as a key player in the global economy. The country has been making efforts to attract foreign investment and boost its exports, and the opening of Special Rupee Vostro Accounts (SRVAs) for correspondent banks from 18 countries is expected to facilitate this further.
Regarding the production-linked incentive scheme for the textiles sector, Goyal expressed confidence that the scheme’s contours would be finalized soon and taken up for approval at the highest level. The scheme is part of the Indian government’s efforts to promote domestic manufacturing and exports, and the second phase is expected to provide a boost to the textiles sector.
