Union Finance Minister Nirmala Sitharaman on Tuesday said Singapore and the UAE have shown interest in adopting the RuPay payment system acceptable to their countries. Sitharaman also said that India is in discussions with various countries to make RuPay acceptable in their countries.
Sitharaman said during an interaction with eminent economist Ishwar Prasad at Brookings Institute think-tank, “We are talking to different countries. Singapore and the UAE have all now come forward to make RuPay acceptable in their respective countries.”
“Not only that, UPI, BHIM app and NCPI are all now working in such a way that their systems in their respective country, however robust or otherwise, can talk to our systems and inter-operability will give strength. For the expertise of Indians in those countries,” she said.
Meanwhile, amid the ongoing conflict in Ukraine, Sitharaman asked developed countries to take responsibility for the global spillover due to policy decisions taken by them.
“To state frankly, international cooperation is needed more than ever. In the near term, advanced nations must take responsibility for the global spread of their political and economic policy decisions and set safety nets instead of imposing sanctions on nations that are only fulfilling their moral and democratic obligations to their peoples.”
These comments come as India remains the fastest growing major economy in the world. In its July 2022 report, the IMF had pegged India’s GDP growth rate at 7.4 per cent for 2022. The IMF’s latest estimate on India’s GDP growth is lower than the 7 per cent growth projected by the Reserve Bank of India for the financial year 2022-23.
However, despite the slowdown, India will continue to be the fastest growing major economy.
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