Theme: Banking | Exploring the possibility of de-dollarization: Can UPI challenge the dominance of the USD?

In this podcast episode, Dr. Ritesh Jain, Founder, Infynit, discusses the concept of de-dollarization, which refers to reducing reliance on the US dollar as the global mode of exchange. He highlights the increasing concerns about the dominance of the USD in the global financial system and how developing countries perceive it as excessive dependence and potential weaponization by the US. Jain explains that de-dollarization aims to remove the dominance of a single currency and explores the reasons why countries should consider alternative currencies. Jain also talks about India’s role in de-dollarization through its participation in the BRICS consortium. While India has concerns about China’s intentions, it has been making efforts to strengthen ties with neighboring countries and promote the use of Indian rupees in bilateral trade. The podcast also examines the impact of Russia’s tensions on cross-border transactions and how India’s initiatives, such as the UPI (Unified Payments Interface), can disrupt the dominance of the USD. Dr. Jain praises UPI as one of the best payment infrastructures globally and discusses how India’s focus on building trust, international cooperation, and stable financial policies can lead to the recognition of the Indian rupee as a trusted currency. However, he emphasizes that UPI’s current form may not be fully equipped to challenge the dominance of the USD on a global scale. Factors such as international adoption, currency stability, liquidity, and a robust financial infrastructure need to be in place for UPI to become a viable alternative. Listen in! Host: Hamsini Karthik; Producer: Jayapriyanka J ______________________ About the State of the Economy podcast India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.