Singapore, UAE Agreed To Accept Rupay System, India In Talks With Other Countries: FM Sitharaman

'Fertilizer prices, energy, not just the price, but also availability are challenges... As a result, some parts of the country are in severe food insecurity," the FM said

Finance Minister Nirmala Sitharaman.

Source : Twitter/@ANI

New Delhi: Finance Minister Nirmala Sitharaman, who is currently in the United States for the annual meetings of the International Monetary Fund (IMF) and the World Bank, on Tuesday said India is talking to different countries to make Rupay acceptable in their nations.

The finance minister also highlighted that other payment systems are also being worked on to sync it to the systems in other countries. “Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries,” she said, according to the news agency PTI report.

The FM participated in a fireside chat with eminent economist Eshwar Prasad during her visit to the prestigious Brookings Institute think-tank. Responding to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well, Sitharaman said, “We are working together with several countries.”

“I'm a student at the University of Maryland here. I am really proud of our UPI system in India. I just wanted to ask, what do you think are the future plans for the UPI system and how can we share it with the world? Specifically in the US, that's what I miss the most about India not having a UPI system in the US,” the Indian student asked.

 “We are talking to different countries. Singapore and UAE have all come forward now to make Rupay acceptable in their countries,” Sitharaman said.

FM On Economy & Budget

The BJP leader also spoke about the risks to India’s economy. "There are a lot of risks that are extraneous to the Indian economy. Fertilizer prices, energy, not just the price, but also availability are challenges... As a result, some parts of the country are in severe food insecurity," said FM.

On the upcoming Budget in 2023,  the FM said the annual budget of the country will have to be very carefully structured to sustain the country’s growth momentum.

“Specifics (of the next budget) may be difficult at this stage because it's a bit too early. But broadly, the growth priorities will be kept absolutely on the top. Even as I speak about the concerns that inflation brings before me. So, inflation concerns will have to be addressed. But then how would you manage growth would be the natural question," Sitharaman said.

The annual budget is scheduled to be presented by FM Sitharaman before the Parliament in February 2023 and preparations for it are likely to begin in December.

(With inputs from PTI)