Editorial March 2023 The Global Vision of India in the New Financial Year and Beginning of the Amrit Kaal

Rajiv Parikh

15 Mar 2023
The G20 summit is around the corner in September 2023 at Delhi, Pragati Maidan. This exposure to the international community in itself is a big deal as our government is trying very hard to reach the $5 Trillion economy. The focus is on India from all over the world where both the G20 countries as well as the one not a part of it are observing the show. It is not only focused on ease of doing business but also the cost of doing business with sustainability as a common goal.

Some also claim that the exports from India will increase with a rapid pace with the infrastructure development of the country. The Modi government calls this phase the “Amrit Kaal”. The term was first used by Prime Minister, Narendra Modi in 2021, during the 75th Independence Day celebration. The vision for “Amrit Kaal” includes a technology driven and knowledge based economy, with strong public finances and robust financial sector. To enable this, public participation and efforts by all is essential to make this a success.

According to one report, India’s rupee is partially convertible which means it has to be converted to US dollars first before converting to any other currency. Representative from the Bank of Ceylon (Sri Lanka) and State Bank of India and the Indian Bank Shared their experiences and informed the audience that they have started carrying out INR denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) in 2022.

In 2022, India extended assistance worth over USD 3.8 Billion to Sri Lanka to help it deal with the economic crisis. It seems India and other non-west countries are on a sprint towards working on alternative channels to free themselves from the dollar legacy. Several bank, including HDFC and UCO Bank, have opened special Vostro accounts to facilitate overseas trade in INR. Eight countries have opened Special Rupee Vostro Accounts (SRVA)to facilitate overseas trade in INR so far. As per reports, almost 49 accounts have been opened but some are still awaiting the approvals from the regulatory side. The countries include Malaysia, Singapore, Myanmar, Israel, Germany, Mauritius and Sri Lanka who have opened Rupee Vostro Accounts. A couple of Russians banks are the first to receive approval for the Vostro accounts. Well will this be a slow end of the dollar denominated transactions. Will US act on this and if it does, what will be the consequences. Only  time will decide the fate of the US dollar as a global currency after the Russia Ukraine invasion. However, it definitely seems that the world order is changing unless the US acts again and gets rid of this noise, otherwise it’s a lost battle already for the US.

On other stories, we have partnered with Expo Paints and Coatings 2023 as their authorized Booking Agency for the raw and shell space. The event is happening on 13-15 July 2025 in Pragati Maidan, New Delhi. (same venue as the G20 summit in September 2023). As a preferred partner we are offering a special deal to the ones who books the booth space through us.

The special deal includes a flat 50% off on the magazine ads and the Chemical Market Leads Platform. If you review our website, you will notice there have been several enquiries that have been coming up from several of our customers looking to either get a sample or looking for a large order. Being a part of the leads platform will help you reach out to the audience in the chemical industry. Our whole motto is revolving around “Connecting the Chemical Industry Together” That’s the tag line we use below our logo and we need your support to bring it to fruition.

Sign up today and be a part of a community of people connected to each other using our Leads Platform can be a boon to the industry once everyone participates and does business benefiting the entire chemical sector. Not just on a local level but on a global scale with export increasing with a rapid  pace to achieve the $5T economy. Book your booth at EPC 2023 and get the discount to list your company and your products to reach out to the global audience. If you are not a part of the leads platform, then you may or may not find a new customer but if you are part of the leads platform, you definitely will find your next customer.


editorial More

Contact Now
Have a question or feedback, let us know!

Please enter the string as shown above: