A | Sputnik spoke with Professor N.R. Bhanumurthy, a prominent economist and vice-chancellor of the Dr. B.R. Ambedkar School of Economics University, Bengaluru (BASE University), about the decision to allow trade settlements in rupees and its impact.,Sputnik: What prompted the RBI to launch trade settlements in rupees?,Prof. Bhanumurthy: It is mostly to do with managing foreign exchange issues, especially when there are some shocks from the global financial system.,India must have smooth trade settlements since it has been trading with multiple countries.,There was a proposal to raise rupee-denominated bonds outside the country, which is also part of the transition.,So, it has a long-term strategy of the rupee also becoming one of the currencies of the international basket. Right now, we have only five recognized currencies. The latest currency added to the list was China's yuan. So, this is part of India's long-term mission.,Sputnik: Will this step help India resume sanctions-proof trade with countries like Iran, Venezuela, and Russia?,Prof. Bhanumurthy: We already have rupee-denominated trade with Iran, especially oil bills being settled in rupees. The Reserve Bank of India's decision is only to showcase that India is also emerging as a big player in the foreign exchange market.,This is only the beginning of the long process where India would like to see the rupee as one of the international currencies. In the process, all these things — like countries with a problem with foreign exchange reserves, nations with trade sanctions — all these will be taken care of.,In the future, disturbance or volatility in the foreign exchange market will increase, especially what we see in Russia or what we see in China. All those things will start having their own repercussions on the forex markets. So, it's better for India floating its currency-based trade.,Sputnik: Would other countries be interested in trading in national currencies with India?,Prof. Bhanumurthy: Certainly yes, because right now India's trade links are increasing, especially in the service sector; our trading links are expanding in a big way. There will be a much greater increase in the volumes of rupee trade. So if countries start trading through the rupee, business costs will be reduced.,India has signed an agreement with the UAE for rupee-based trade. Venezuela has also expressed interest.,Sputnik: How would this impact trade in the dollar or India's foreign exchange reserves?,Prof. Bhanumurthy: Foreign exchange reserves, which are currently around $600 billion, are not entirely in US dollars. A certain proportion of this is in US dollars, while the amount is also in euros, British pounds, and gold. So, I do not think rupee trade will impact trade volumes in the dollar. Whichever countries do not have a rupee-denominated trade deal with India, they can choose to settle their transactions in dollars. So, the dollar trade is still there.,Some areas where India is a significant trader, e.g. the European Union, and other countries like the UK is one country where we also have good trade relationships, and they are not part of the euro now. So all these things will help in increasing the rupee trade.,However, it does not mean it will negatively impact US dollar trade. They will actually complement each other. 10 years back, India used to settle most of its trade in US dollars. Now it also pays in euros, British pounds, as well as in Japanese yen.,Sputnik: Will it benefit countries in South Asia or other parts of the world facing foreign exchange crises?,Prof. Bhanumurthy: It is possible. Ultimately, every country would like to trade. If the US dollar becomes too expensive, it creates trouble for countries with a forex crisis to trade. In that situation, countries with limited foreign exchange reserves can always explore rupee-denominated trade. That is undoubtedly an area where India can take advantage.,Sputnik: Could India face US anger in some sense?,Prof. Bhanumurthy: I doubt all this can happen. We are sitting with a substantial foreign exchange reserve. If that were the case, China would have faced retaliation long back.,Retaliation options are very limited in forex markets. Productivity is one thing everybody can compete for; the rest is only settlement. Countries can only compete in productivity.,Et Tu? US Steals Most of Australia's Sale to China Amid Trade Row, Finds Study30 November 2021, 08:15 GMT,Sputnik: What should India do to strengthen the chances of making the Indian rupee a global currency?,Prof. Bhanumurthy: Productivity is a significant factor that can boost India's ambition to enhance its rupee-denominated trade. So, we need to keep improving our productivity. Second, India needs to create infrastructure to start having short-term trading in the foreign exchange market. Some countries that trade with the rupee also need to have a kind of transaction in a foreign exchange market.,The exchange rate becomes an important variable for those countries trading in the Indian rupee. So there should be some foreign exchange market institutions, and the Indian Central Bank should also be in a position to address any risk associated with other countries, wherever the rupee foreign exchange reserves are.,Any global currency possesses some characteristics — character India needs to ensure so that the Indian rupee will become a global currency.。 吴 亮 红色背景布搭建的临时摄影棚，把干净整洁的农家小院装扮得分外喜庆。穿上老军装，93岁的抗美援朝老兵殷先平把一枚枚军功章、纪念章佩戴在胸前。不多久，老伴换好了喜庆的中式礼服。 “没想到，这辈子还能和老伴拍一次婚纱照。
B | ”殷先平拉着老伴的手，步履蹒跚地来到镜头前。从青丝到白发，这对情深伉俪已携手走过60多个春秋。银发映红妆，光影记流年。清脆的快门声响起，老兵夫妇的幸福与甜蜜，在一瞬间定格。 近日，湖南省株洲市芦淞区退役军人事务局、“橄榄枝”助残志愿者协会、乡（镇）武装部联合组织公益拍摄活动，发动志愿者携带拍摄设备上门为抗美援朝老兵补拍婚纱照，致敬“青春许家国，深情赴白头”的老兵夫妇。 “考虑老兵们年事已高，行动不便，我们提前上门了解老兵需求，并帮助挑选服装。”芦淞区退役军人事务局领导介绍，拍摄中，老兵多穿着50式军服或中式礼服，家属则穿着中式礼服、佩戴传统头饰，或穿着简洁雅致的白色婚纱。 “那时，战况胶着，许多战友牺牲了。可是，我们都没想过生死，只知道身后是祖国……”到抗美援朝老兵彭明皋家中拍摄，志愿者聆听了这位95岁老兵的深情讲述。说着说着，老兵把目光落在了白发苍苍的妻子身上，眼神随之柔和下来。 “那些年，条件艰苦，婚礼简单到极致，没有鲜花，没有红毯，更没有婚纱，一张黑白合影照片、一枚手工打磨的纪念章，抑或是一句‘等我回来’的承诺，便是所有的爱情见证。”彭明皋说，如今，山河锦绣，国泰民安。能在组织的帮助下为老伴送上一份“迟来的浪漫”，是对老伴的补偿，也是对军旅的致敬。返回，查看更多。
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