Overview
- Finance Minister Nirmala Sitharaman said Friday in Bangkok that India is working to operationalize rupee and other local‑currency settlement arrangements to sustain trade with partners that lack hard currency.
- The government plans systems that let buyers pay in rupees or their own currencies so exporters receive settlement without requiring the buyer to hold dollars or euros.
- Sitharaman framed the push as a response to rising geopolitical tensions, debt pressures and balance‑of‑payments stress that leave some countries unable to buy essential goods.
- She said multilateral development institutions have been slow to respond to such crises, sometimes taking three to four years, which strengthens the case for faster bilateral payment solutions.
- India is also seeking a rebalanced trade deal with ASEAN and reiterated its 2019 decision to stay out of RCEP to protect domestic industry while deepening bilateral trade ties.