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Examine the various ways in which India could take advantage of global geopolitical developments to promote trade and gain better status for the rupee vis-à-vis global currencies.

Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment

5. Examine the various ways in which India could take advantage of global geopolitical developments to promote trade and gain better status for the rupee vis-à-vis global currencies. (250 words)

Difficulty level: Tough

Reference: The HinduIndian Express

Why the question:

Over the last several days, one has come across headlines about the rupee weakening. For the unaware, these headlines would convince them about the decline in the value of the rupee even as the rupee has strengthened against the Euro, UK Pound and Japan’s Yen.

Key Demand of the question:

To write about the ways India can improve the status of rupee over global currencies.

Directive word: 

Examine – When asked to ‘Examine’, we must investigate the topic (content words) in detail, inspect it, investigate it and establish the key facts and issues related to the topic in question. While doing so we should explain why these facts and issues are important and their implications.

Structure of the answer:

Introduction: 

Begin by giving context of global volatility in the currencies.

Body:

In the first part, write about the various geopolitical developments that have contributed to this volatility.

Next, write about the potential advantages that India can harness to improve the status of rupee globally. Write about the steps that are needed in this regard and its advantages.

Conclusion:

Conclude by writing a way forward.