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Debjit Mukherjee: In order to reduce the dependence on dollars in international trade, crude oil has been bought from the United Arab Emirates and paid in Indian rupees. Not only in the purchase of crude oil, but also in other areas of bilateral trade, trading is done in rupees instead of dollars.
The Center claims that bilateral trade settlement in local currency will make the Indian currency more acceptable. Experts believe that the use of cash in the crude oil trade between the UAE and India will further boost bilateral trade between the two countries. In the next few years, exports from India to UAE are going to be worth more than 5000 crore dollars or more than 4 lakh crore rupees. In fact, exports are expected to reach this point by the 2026-27 financial year. On the other hand, UAE will also benefit from this trade.
