The Currency Rupees must have a Global Acceptance

A lot of chaos is made on whether we should have multi brand FDI or not. The subsidy on petroleum products should be continuing or not. The FII and FDI should be encouraged or not. The answer of these questions will be better answered by the upcoming time that the any policy pundit. India has finite sources of petroleum products and the demand for these products is continuously rising. So import of these products is essential. India is second largest imported of crude-oil from Iran. The import bill of last year was to the tune of 10 billion $. The Rupee price was average Rs 45 and Rs 56 per $ in 2011 and 2012 respectively. So for same quantity the bill of import of Crude-oil from Iran was 450 billion Rupees and 560 billion Rupees of in year 2011 and 2012 respectively, 24.44% rise on year-on-year basis.  So a weakening of Rs against US $ was simply cost 11,000 Crore more losses. The subsidies are not yet discussed which neatly costs Rs.1.86 lakh crore. Now if we continue with subsidies on petroleum products ultimately we have to curtail the Funds on other Schemes. So first we will find out how this import bill can be curtailed itself.
If the agreement for supply of crude oil was in Indian Rupees then we must have save the Rs.11k Crore. For which the Indian Rupees must be globally accepted. But it is not the case today. Increase in bilateral trade, exports, tourism and technology transfers are the simpler way to make it globally acceptable. US $ or Euro has created its status in similar passion. Japanese Yen is the better example of this. Recently HPCL, MRPL has signed the agreement to pay 45% of the Oil bill to Iran in Indian Rupees, reducing the currency fluctuation effects. It is a need of hour that we must enhance our expertise and utilizes our resources to create the global leadership. Suppose India’s expertise in Launching Space Vehicle launching, Irrigation, Nuclear Power Projects will find business in Iran it would simply reduce the trade imbalance and the hefty prices  on account of currency fluctuations can be smoothly curtailed.