BRICS success: India's exports on record despite rupee crisis!

BRICS success: India's exports on record despite rupee crisis!

India is reaching for the stars when it comes to exports! The BRICS member is pushing its exports towards an impressive target of $800 billion by the end of 2024. And October? A record month! A whopping $39.2 billion in one month alone - that's 19 percent more than before. Indian Economics Minister Shri Sunil Barthwal is confident: “If we continue like this, we will break new records for India’s exports.” In particular, exports of services rose by 21 percent, while goods such as mechanical engineering rose by 39 percent, electronic goods by 45 percent and chemicals by 27 percent as watcher.guru reported.

But while the export machine is humming, the Indian rupee is struggling on the foreign exchange market. The currency has fallen to all-time lows against the US dollar since Donald Trump returned to the White House, giving the dollar a boost. The answer? India's central bank and other BRICS countries are throwing dollars onto the market to protect domestic currencies. The BRICS countries are in the process of developing a competing currency, but driving the US dollar into ruin is not on the agenda. Russian President Vladimir Putin confirmed: A total renunciation is not necessary, even if the dollar has lost strength.