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Understanding India’s Desire for De-Dollarisation: Pros, Cons, and Reasons
In recent years, the concept of de-dollarisation has gained significant attention, raising questions about India’s stance on this matter. De-dollarisation refers to a country’s efforts to reduce its reliance on the United States dollar and diversify its currency reserves. This article aims to explore whether India wants de-dollarisation, and if so, why. Additionally, we will delve into the pros and cons of de-dollarisation, its impact on a country, and discuss the reasons for dollarisation. Finally, we will touch upon the best currency options when traveling to India.
I. Understanding De-Dollarisation
Before diving into India’s stance on de-dollarisation, it is essential to comprehend the concept itself. De-dollarisation entails reducing the use of the US dollar in a country’s financial system and transactions. The motivation behind de-dollarisation often stems from concerns about economic vulnerability and over reliance on a single currency, as well as geopolitical considerations.
II. India’s Perspective on De-Dollarisation
India, as one of the world’s largest economies, has expressed a growing interest in de-dollarisation. While there isn’t a singular consensus on the matter, several factors contribute to India’s desire for reducing its reliance on the US dollar.
A. Diversification of Currency Reserves
One key reason for India’s inclination towards de-dollarisation is the desire to diversify its currency reserves. By reducing its dependence on the US dollar, India aims to mitigate potential risks associated with fluctuations in the value of the dollar and protect its foreign exchange reserves.
B. Geopolitical Considerations
India’s increasing focus on de-dollarisation also stems from geopolitical factors. By reducing its reliance on the US dollar, India seeks to assert its economic independence and enhance its position in global trade. Moreover, geopolitical tensions and policy uncertainties have prompted India to explore alternative currency arrangements to bolster its economic resilience.
III. Pros and Cons of De-Dollarisation
De-dollarisation carries both advantages and disadvantages for a country. Let’s examine the pros and cons associated with this process.
A. Pros of De-Dollarisation
- Currency Diversification: De-dollarisation allows countries to diversify their currency reserves, reducing vulnerability to fluctuations in the value of a single currency.
- Enhanced Sovereignty: Decreasing reliance on the US dollar can provide greater economic and monetary sovereignty for a country.
- Geopolitical Leverage: De-dollarisation can empower a nation to exercise greater influence in international affairs by asserting its economic independence.
B. Cons of De-Dollarisation
- Currency Stability: Shifting away from a widely accepted global currency like the US dollar can introduce uncertainties and potential risks related to the stability of alternative currencies.
- Trade Complications: De-dollarisation may create trade complexities and barriers, particularly in countries where the US dollar plays a significant role in international trade.
- Market Reaction: Sudden or drastic de-dollarisation efforts can result in market volatility, affecting foreign investors and trade partners.
IV. Best Currency Options for Travelling to India
When travelling to India, it is advisable to carry the local currency, Indian Rupee (INR), for convenience and ease of transactions. While major international currencies like the US dollar, Euro, and British Pound are widely accepted in some places, exchanging them for Indian Rupees may incur additional charges or unfavourable exchange rates. Therefore, it is generally recommended to carry Indian Rupees or use digital payment methods during your stay in India.
India’s desire for de-dollarisation reflects its pursuit of economic diversification, enhanced sovereignty, and geopolitical leverage. While there are advantages to de-dollarisation, careful consideration must be given to the potential disadvantages and market reactions. As the world continues to evolve, the stance on de-dollarisation may vary, but understanding the motivations behind it is crucial in comprehending its impact on India and the global economy.
India: Top 50 Attractions
Best 50 things to see and do in India
Discover the Incredible Diversity of India: 50 Must-See Attractions for Your Next Adventure!
India is a land of diversity, culture, and heritage. It’s a country that is home to a wealth of historical sites, breathtaking natural landscapes, and vibrant cities that are brimming with life and energy. Whether you’re a history buff, a nature lover, or simply looking for a unique cultural experience, India has something to offer everyone. In this article, we’ve compiled a list of the top 50 things to see and do in India.
- Taj Mahal, Agra: This iconic monument to love is one of the most famous landmarks in the world.
- Red Fort, Delhi: This impressive red sandstone fort was once the residence of the Mughal emperors.
- Hawa Mahal, Jaipur: Also known as the “Palace of Winds,” this stunning palace is a must-visit attraction in Jaipur.
- Golden Temple, Amritsar: The holiest shrine of Sikhism, the Golden Temple is a breathtaking architectural marvel.
- Kerala Backwaters: A network of interconnected canals, lakes, and lagoons, the Kerala backwaters are a unique and tranquil experience.
- Varanasi Ghats: The ghats of Varanasi are a sacred place for Hindus, and visiting them is an unforgettable experience.
- Ajanta and Ellora Caves: These ancient rock-cut caves are a UNESCO World Heritage site and are home to some of the most impressive examples of Indian art and architecture.
- Hampi: The ruins of the ancient city of Hampi are a fascinating glimpse into India’s past.
- Udaipur: Known as the “City of Lakes,” Udaipur is a stunningly beautiful city that is home to some of the most breathtaking palaces and temples in India.
- Mysore Palace: One of the most famous landmarks in Karnataka, the Mysore Palace is a stunning example of Indo-Saracenic architecture.
- Khajuraho Temples: The Khajuraho temples are famous for their intricate carvings and depictions of erotic art.
- Ranthambore National Park: Home to the majestic Bengal tiger, Ranthambore National Park is a must-visit for nature lovers.
- Leh-Ladakh: Known for its stunning landscapes and unique culture, Leh-Ladakh is a must-visit destination for adventure seekers.
- Jaisalmer: The “Golden City” of Jaisalmer is famous for its sandstone architecture and stunning desert landscapes.
- Pushkar Camel Fair: Held annually in Rajasthan, the Pushkar Camel Fair is a vibrant celebration of local culture and tradition.
- Mumbai: The bustling metropolis of Mumbai is home to some of India’s most famous landmarks, including the Gateway of India and the Marine Drive.
- Jaipur: Known as the “Pink City,” Jaipur is famous for its stunning palaces and forts.
- Jodhpur: Known as the “Blue City,” Jodhpur is famous for its stunning blue buildings and impressive Mehrangarh Fort.
- Darjeeling: Known for its stunning tea gardens and breathtaking views of the Himalayas, Darjeeling is a must-visit destination in India.
- Kolkata: The cultural capital of India, Kolkata is famous for its colonial architecture, vibrant markets, and delicious cuisine.
- Andaman and Nicobar Islands: A group of beautiful islands off the coast of India, the Andaman and Nicobar Islands are famous for their stunning beaches and crystal-clear waters.
- Delhi: India’s capital city is a vibrant and exciting destination, home to some of India’s most famous landmarks, including the India Gate and the Qutub Minar.
- Auroville: A unique international community dedicated to sustainable living and spiritual development, Auroville is a must-visit destination for those interested in alternative lifestyles.
- Goa: Known for its stunning beaches, vibrant nightlife, and unique mix of Indian and Portuguese culture, Goa is a popular destination for tourists from around the world.
- Amritsar: The spiritual and cultural center of the Sikh religion, Amritsar is home to the Golden Temple and other important Sikh shrines.
- Srinagar: The capital city of Jammu and Kashmir, Srinagar is famous for its stunning Mughal gardens and scenic Dal Lake.
- Munnar: Known for its lush tea gardens and stunning landscapes, Munnar is a popular destination for nature lovers and adventure seekers.
- Rishikesh: A spiritual hub and adventure sports destination, Rishikesh is famous for its yoga centers, white water rafting, and scenic beauty.
- Haridwar: A holy city on the banks of the Ganges river, Haridwar is a popular pilgrimage site for Hindus.
- Hampi: The ruins of the ancient city of Hampi are a UNESCO World Heritage site and offer a fascinating glimpse into India’s rich history and culture.
- Sunderbans National Park: Home to the Royal Bengal tiger, the Sunderbans National Park is a unique and important ecosystem in India.
- Ajmer Sharif Dargah: The shrine of the Sufi saint Khwaja Moinuddin Chishti, the Ajmer Sharif Dargah is an important pilgrimage site for Muslims.
- Konark Sun Temple: A UNESCO World Heritage site, the Konark Sun Temple is a stunning example of ancient Indian architecture.
- Matheran: A peaceful and picturesque hill station near Mumbai, Matheran is a popular weekend getaway destination.
- Mahabalipuram: A UNESCO World Heritage site, Mahabalipuram is famous for its ancient rock-cut temples and impressive stone carvings.
- Valley of Flowers National Park: Located in the Himalayas, the Valley of Flowers National Park is a stunningly beautiful alpine valley and a must-visit destination for nature lovers.
- Hampi: The ruins of the ancient city of Hampi are a UNESCO World Heritage site and offer a fascinating glimpse into India’s rich history and culture.
- Chittorgarh Fort: The largest fort in India, the Chittorgarh Fort is a must-visit destination for history buffs.
- Ujjain: A holy city on the banks of the Kshipra river, Ujjain is an important pilgrimage site for Hindus.
- Tawang Monastery: Located in the state of Arunachal Pradesh, the Tawang Monastery is one of the largest Buddhist monasteries in India and a must-visit destination for spiritual seekers.
- Puri: A popular beach destination on the eastern coast of India, Puri is also famous for its ancient Jagannath temple.
- Rameswaram: Located on the southern coast of India, Rameswaram is an important pilgrimage site for Hindus and is believed to be the place where Lord Rama built a bridge to Sri Lanka.
- Jallianwala Bagh, Amritsar: A memorial to the victims of the Jallianwala Bagh massacre, this historic site is a reminder of India’s struggle for independence.
- Nainital: A popular hill station in the state of Uttarakhand, Nainital is known for its serene lake and stunning natural beauty.
- Konkan Coast: A scenic stretch of coastline that runs along the western coast of India, the Kon kan Coast is famous for its picturesque beaches, delicious seafood, and traditional Konkani culture.
- Ajanta and Ellora Caves: These ancient rock-cut caves are a UNESCO World Heritage site and offer a glimpse into India’s rich history and artistic traditions.
- Khajuraho Temples: A UNESCO World Heritage site, the Khajuraho Temples are famous for their stunning stone carvings that depict a range of erotic and sensual scenes.
- Gokarna: A peaceful beach town in Karnataka, Gokarna is a popular destination for those seeking a laid-back and spiritual getaway.
- Chadar Trek: One of the most challenging and thrilling treks in India, the Chadar Trek takes you across the frozen Zanskar river in Ladakh.
- Kutch: A unique and vibrant region in Gujarat, Kutch is famous for its traditional handicrafts, colorful textiles, and stunning salt flats.
India is a land of diversity and contrasts, with a rich history, culture, and natural beauty that is unparalleled. From the snow-capped peaks of the Himalayas to the sun-kissed beaches of Goa, from the bustling metropolis of Mumbai to the serene backwaters of Kerala, India offers a wealth of experiences and adventures for travelers of all kinds.
Whether you’re a history buff, a spiritual seeker, an adventure enthusiast, or simply looking for a relaxing getaway, India has something to offer. So pack your bags, book your tickets, and get ready to explore the best that this incredible country has to offer!
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5 August 2022 – India’s central bank increased interest rates for the third time in four months today.
The Reserve Bank of India (RBI) raised its key lending rate by 50 basis points to 5.40 percent – a level last seen in August 2019.
The International Monetary Fund last week slashed India’s growth outlook for the ongoing financial year ending March 2023 to 7.4 percent from the 8.2 percent forecast in April.
Imports were more than twice as high as exports, led by petroleum products and coal. India imports more than 80 percent of its crude oil needs and the country’s 1.4 billion people have been hit with rising petrol costs.
Consumer inflation has consistently overshot the central bank’s two-to-six percent target range in the first six months of the year, hitting an eight-year high of 7.79 percent in April, before cooling to 7.01 percent in June.
The RBI retained its growth forecast at 7.2 percent for the 2022-23 financial year and retained its inflation forecast at 6.7 percent.
14 May 2022 – India Bans Wheat Exports With Immediate Effect
India is the second-largest producer of wheat. Prior to the ban, India had been forecast to export a record 10 million tonnes of wheat.
The Indian government said it would still allow exports backed by already issued letters of credit and to those countries that request supplies “to meet their food security needs”.
Estimated wheat production before soaring temperature rises were forecast to reach record high of 111.32 million tonnes. In April alone, India exported a record 1.4 million tonnes of wheat and prior to ban on wheat exports had deals to export around 1.5 million tonnes in May 2022.
India government
The size of the wheat crop for 2022 will probably be smaller due to extremely high temperatures for pre-longed period in India which has pushed the price of wheat for domestic use. Keeping all of the wheat may mitigate food supply issues in India but at the expense of worsening the global food crisis.
4 May 2022 – Reserve Bank Of India RBI raised the repo rate by 40 basis points to 4.40 percent. The repo rate is the one at which the central bank lends money to the country’s commercial banks.
A movement on interest rate upwards was not expected until June at the earliest so the sudden increase is more alarming particularly as food inflation has yet to hit fully.
In addition to the repo rate increase, the RBI raised the cash reserve ratio—the percentage of money that commercial banks have to mandatorily retain with the central bank—by 50 basis points to 4.50 percent, effective from May 21. This will make it harder for businesses and consumers to borrow money, taking more cheap money out of the economy.
3 May 2022 – India experienced hottest March since the India Meteorological Department (IMD) began keeping records 122 years ago.
India has been suffering from extreme heatwaves this year. In April, northwest and central India recorded average maximum temperatures of 35.9C (96.6F) and 37.78C (100F), the director general of the Indian Meteorological Department said. In the Indian capital New Delhi, temperatures soared past 40C (104F) for several days. High temperatures expected to continue in May.
India’s electricity demand hit a record high in April, with a surge in the use of air conditioning from hot temperatures triggering the worst power crisis in more than six years.
Scientists have warned that more than a billion people are at risk of heat-related impacts. Most of India’s 1.4 billion people live in rural areas without access to air conditioners or cooling stations.
Is Ivermectin Reducing Daily Deaths In India and Is The Reason It Has Not Been Adopted in UK and the West Due Politicians And Medical Professionals Being In the Pockets Of The Pharmaceutical Firms Manufacturing Vaccines 13 July 2021
India Covid Pandemic Update 4 May 2021
12 August 2020 India Coronavirus Infections Rise By 67066 And Deaths Rise By 950 In 24 Hour Period
Nearly 2.5 million people are now infected in India officially but the rate of infection is still accelerating. Approaching 50000 people have died in India from coronavirus.
29 July 2020 India Coronavirus Infections Rise By 52249 and Deaths Rise By 779 In 24 Hour Period
26 July 2020 India Coronavirus Infections Rise By 50525 In 24 Hours and Deaths Rise By 716
22 July 2020 India Deaths From Coronavirus Rise By 1120 In 24 Hours and Infections Rise By 45599
India is using risky medical drugs to try to save lives but can actually kill
Super virus spreaders are set to make the infection levels in India even worse. The virus will shortly spread through the community like wildfire.
The threat to the economy is even higher if a vaccine is not found and one is possibly not enough to contain virus in all settings. India could be the source of the second wave of infections in other countries in Asia.
15 July 2020 Number Of New Infections In India Rise By 32682 In 24 Hour Period To Total Of 970169
Number of new deaths rise by 614 by 24929.
2 July 2020 Number Of New Infections In India Rise By 21948 Within 24 Hours To Total Of 627168
Number of deaths increased by 377 to 18225.
1 July 2020 Number Of new Infections In India Rise 19428 Within 24 Hours To Total Of 605220
India deaths from coronavirus rise by 438 to 17848.
25 June 2020 Number Of New Infections In India Jump 18185 Within 24 Hours To Total Of 491170
16 June 2020 India Deaths From Coronavirus Rise By 2006 In 24 hours To 11921
11135 new infections have officially been identified within last 24 hours taking total to 354161.
Indias epidemic continues to spiral out of control. Worsening infection rates have taken India to the fourth most infected country in the world after USA Brazil and Russia.
14 April 2020 India In Coronavirus Lockdown Until May
29 March 2020 Prime Minister Modi Says 3 Week Coronavirus Lockdown Which Was Imposed With Just 4 Hours Notice Causing Hundreds Of Thousands Of People To Walk Up To 600 Km To Their Homes In The Country Was Necessary To Save Many Lives
Prime Minister Modi says India is facing dire future due to coronavirus pandemic.
India has around 1000 positive coronavirus cases. Indias first virus case was on 29th January. Officially 27 people have died in India. There are enormous doubts about the testing capability of India so all statistics could be a lot higher.
What will happen in rural parts of India when the economic migrants return from the big cities to the country carrying the virus? It is unlikely that we will ever know the true impact. However surely it is going to spread like wildfire through all of India unrestricted and rebounding on the major cities as people return to find work in the city.
India debt laid den private and publicly owned banks will struggle to ride out the economic impact of the coronavirus pandemic. What will Indian government do to help?
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If USAs top medical experts say that the deaths in America from the virus could be 200000 then India with less effective lockdown and inferior healthcare is going to suffer millions of deaths from the virus.
24 March 2020 Whole Of India and 1.3 Billion People In Coronavirus Pandemic Risk Management Lockdown For 21 Days
Prime Minister Narendra Modi has told Indians stay at home for 21 days. Social isolation is one of key ways to control spread of coronavirus. Prime Minister Modi says the lockdown would save many Indians and warned that leaving home would jeopardise peoples lives.
- The lockdown will be in force for 21 days
- No citizen will be allowed to leave their homes during this period
- If people in India did not self isolate it would set India back 21 years economically
There have been 482 confirmed cases of coronavirus COVID19 and nine deaths in India so far.
23 March 2020 The number of people who have died in India from coronavirus COVID19 has been put at 9
Officially only around 500 people have been infected with the virus. However India is warning of an imminent surge of cases in the coming days. It is likely that the number of infections is already much higher due to a lack of testing in India.
Delhi has gone into official lockdown for at least a week.
20 March 2020 India Has Low Coronavirus Count But It Is Not Cause Its Hot
Many in the west hope that hot weather will curb the rise of coronavirus infections. Hot weather may reduce transmission and recorded cases but it seems more likely that a low number of cases is due to a lack of testing for the virus.
India has confirmed 151 cases of COVID19 and just 3 deaths. Public health experts fear that the low count is the result of limited testing and under reporting. India has only tested 12000 people for the virus. South Korea is testing 40000 people per day. There is a shortage of testing kits in India.
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1 February 2020 What Is Government In India To Halt Faltering Economy in 2020
Indias government has announced financial support for farmers and infrastructure developments but the financial markets thinks it needs to do much more.
India is currently experiencing its worst economic slowdown in a decade. Unemployment is rising. Consumers are drawing in spending. There is a lack of government and private investment.
All around the world central banks are struggling to support their economies. It is up to governments to invest in their future now f the global economic slowdown is not to turn into a recession.
India in many ways is more fortunate than many in that Indias economy is one of if not the fastest growing economies in the world. Economic growth in India is an explosive 5 percent. However the future does not look as promising as its recent past largely due to rising employment and potential civil unrest as a result.
If India can invest in its infrastructure India will become an economic powerhouse like China and USA. If it does not it may still grow but miss the opportunity to become a world leader.
If you cannot feed your population and give the jobs you stoke up political unrest. However Indias government and its banks are drowning in debt as it is. Indias credit rating is poor which makes borrowing expensive. Finding the money to invest in infrastructure on the scale required is difficult. Chicken and egg!
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