SETTLEMENT OF INTERNATIONAL TRADE IN RUPEES WILL REDUCE DEPENDENCY ON USD
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Organization Committed To Grow Global Trade and Foreign Direct Investments
By allowing settlements to be made in Indian rupees rather than US dollars, the RBI is attempting to make the Rupee more widely accepted for international trade. India has been aiming to internationalize the rupee for many years. The expanding trade and investment in India's economy are driving up demand for the rupee. India is becoming a more appealing place for foreign investment as international firms set up offices there to access the country's huge and growing market. Recently, India facilitated oil imports from Russia by buying in rupees which strengthened bilateral trade. This action will lessen India's reliance on US dollars. The decision to internationalize the Indian rupee will be advantageous for the country in the future. Moreover, India having imports greater than exports resulting in the trade deficit will save dollar outflows with the settlement of trades in rupees.
INDIA-MAURITIUS RELATIONS
TRADE
The Comprehensive Economic Cooperation and Partnership Agreement between India & Mauritius entered into force on 01st April 2021 to strengthen trade relations between the two nations by creating opportunities to increase business partnerships. The CECPA is the first trade Agreement signed by India with a country in Africa?to encourage preferential access to various products of Mauritius across diversified sectors in the Indian market. Mauritius is exporting Agri Products, Agro Processed, Seafood, Spirits, Textile & Apparel, and Medical Devices to the Indian market which holds enormous potential & demand. The trade partnership between India & Mauritius has grown manifold since the CECPA with numerous development activities and projects ranging from the social to the cultural, encompassing education, capacity building, trade & security.?
FOREIGN DIRECT INVESTMENT
The economic policies of Mauritius have placed a lot of focus on promoting investment in order to create a stable economic climate. Among the world's major economies, India has one of the most open and liberal policies toward foreign direct investment. Due to the Double Taxation Avoidance?Convention (DTAC), FDI totaling USD 161 billion came from Mauritius to India between the years 2000 and 2022, accounting for 26% of all FDI inflows into India. DTAC amendment was signed in 2016 with Mauritius becoming India's third-largest source of FDI, with inflows ranging from USD 15.72 billion in 2016–17 to USD 9.39 billion in 2021–22. Over the past five years, Indian businesses have invested more than $200 million in Mauritius.
GOVERNMENT
The term "India-Mauritius Relations" refers to the connections that exist between the Republic of India and the Republic of Mauritius on a historical, political, economic, military, social, and cultural level. Diplomatic ties between these two nations were established in 1948. Successive Mauritian leaders have made sure that India plays a significant role in Mauritius' foreign policy priorities and actions. Since 2007, India has been one of Mauritius's top trading partners and exporters of goods and services. The Indira Gandhi Centre for Indian Culture (IGCIC), one of the main institutions of ICCR and inaugurated in March 2000, has established itself as a key location for the promotion of cultural events in Mauritius.?
KEY PRIORITIES OF INDIA WITH THE PRESIDENCY OF G20
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“INDIA-MAURITIUS” TRADE & BUSINESS POTENTIAL : OUTCOMES OF THE MARKET RESEARCH INDIA
Crescendo Worldwide & Economic Development Board Mauritius jointly hosted the webinar “India-Mauritius” Trade & Business Potential: Outcomes of the Market Research India on 17th March 2023 virtually. The webinar guided the attendees about the opportunities for trade cooperation and enhancement between Indian & Mauritian companies across diversified sectors of Spirits, Agro Food Processing (Sugar, Canned & Pouched Tuna), Animal Feed, Apparel, Fruits, and Cake Decoration. The webinar presented in-depth information on importing potential from Mauritius to fulfill Indian demand.
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