• Latest
  • Most Read
Petrodollar vs Russia

PM Modi is working on a plan to end the dominance of Petrodollar

12 months ago
Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

1 hour ago
Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

17 hours ago
Best Indian TV Serials

5 Best Indian TV Serials of the 90s that people still crave for

24 hours ago
Inspector Avinash

“Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

1 day ago
Sakshi Murder case

Nikita, Shraddha and now Sakshi – How long will this go on?

1 day ago
Karnataka congress

The Game of Thrones in Karnataka that will cost Congress dear

1 day ago
What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

2 days ago
Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

2 days ago
Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

2 days ago
Ram Charan’s “The India House”: A Nightmare for Leftist Intelligentsia

Ram Charan’s “The India House”: A Nightmare for Leftist Intelligentsia

2 days ago
28th May 2023: A Historic Day for India, A Nightmare for the Leftists

28th May 2023: A Historic Day for India, A Nightmare for the Leftists

3 days ago
Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

3 days ago
“Sirf Ek Bandaa Kaafi Hai”: A Gripping Courtroom Drama Unveiling the Pursuit of Justice

“Sirf Ek Bandaa Kaafi Hai”: A Gripping Courtroom Drama Unveiling the Pursuit of Justice

3 days ago
PM Modi and the Sengol: A Triumph Over Decades of Dravidian Propaganda

PM Modi and the Sengol: A Triumph Over Decades of Dravidian Propaganda

3 days ago
Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

India’s Resilience: A Zero Percent Chance of Recession

3 days ago
  • About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Thursday, June 1, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Sakshi Murder case

    Nikita, Shraddha and now Sakshi – How long will this go on?

    Karnataka congress

    The Game of Thrones in Karnataka that will cost Congress dear

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    India’s Resilience: A Zero Percent Chance of Recession

    Indian PSUs

    Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

    most valued startups in India

     5 Most Valued Startups in India: A Journey of Innovation and Growth 

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Modi is the boss

    Modi is the boss: “Vedic Mantras” and an ocean of crowd: PM Modi’s Australia tour will echo till eternity

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    NIA High Commission in UK

    NIA will probe the attack on Indian embassy, in UK!

    UK Student Visa rule new

    UK Student Visa Rules: International Students Barred from Bringing Families

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    5 Accidental Inventions

    5 Accidental Inventions that have become essential in our lives

    Sengol Tamil Nadu real picture

    What is Sengol: Tamil Nadu Connection, History, Significance and why it is to be installed in New Parliament

    There is more to Telangana Cuisine than just Biryani

    There is more to Telangana Cuisine than just Biryani

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Best Indian TV Serials

    5 Best Indian TV Serials of the 90s that people still crave for

    Inspector Avinash

    “Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

    Sakshi Murder case

    Nikita, Shraddha and now Sakshi – How long will this go on?

    Karnataka congress

    The Game of Thrones in Karnataka that will cost Congress dear

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    Rewriting Bharatvarsha’s History, the Modi Way: A Symbolic Shift towards Cultural Awakening

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    India’s Resilience: A Zero Percent Chance of Recession

    Indian PSUs

    Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

    most valued startups in India

     5 Most Valued Startups in India: A Journey of Innovation and Growth 

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    new CBI director Praveen sood biography

    Who is Praveen Sood the New CBI Director: Professional Background, Achievements and Significance of the Appointment

    Paramjit Singh Panjwar shot dead

    Paramjit Singh Panjwar shot dead: Keep calm and trust the Indian Armed Forces

    Swarm satellites

    India’s Bold Step towards Satellite Swarm Intelligence: A New Era in Space Technology

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    INS Vikrant gets historic 1961 bell of 1st warship from ex-Navy vice chief

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Modi is the boss

    Modi is the boss: “Vedic Mantras” and an ocean of crowd: PM Modi’s Australia tour will echo till eternity

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    PM Modi Extends a Diplomatic Olive Branch: A Special Message for Zelensky

    NIA High Commission in UK

    NIA will probe the attack on Indian embassy, in UK!

    UK Student Visa rule new

    UK Student Visa Rules: International Students Barred from Bringing Families

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    What Do You Mean by Bhulekh Uttar Pradesh & Why Should You use It?

    5 Accidental Inventions

    5 Accidental Inventions that have become essential in our lives

    Sengol Tamil Nadu real picture

    What is Sengol: Tamil Nadu Connection, History, Significance and why it is to be installed in New Parliament

    There is more to Telangana Cuisine than just Biryani

    There is more to Telangana Cuisine than just Biryani

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Best Indian TV Serials

    5 Best Indian TV Serials of the 90s that people still crave for

    Inspector Avinash

    “Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Randeep Hooda’s Transformational Acting in “Swatantrya Veer Savarkar”: A Game-Changer

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    Vada Pav is Just the Tip of the Iceberg: A look into the rich culinary delights of Maharashtra

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Geopolitics » PM Modi is working on a plan to end the dominance of Petrodollar

PM Modi is working on a plan to end the dominance of Petrodollar

Abhishek Kumar Singh
by Abhishek Kumar Singh
7 June 2022
in Geopolitics
0
Petrodollar vs Russia
505
VIEWS
Share on FacebookShare on Twitter

Petrodollar had it too good for too long. Just because it dominated the world’s energy market meant that whatever evil emerged out of it was forgiven by western superpowers. But, its good days are inching towards the end. Under the able leadership of PM Modi, India is working on a strategy to end its hegemony

PM Modi hints towards ending Dollar domination

India is celebrating Azadi ka Amrit Mahotsava. For this purpose, the Ministries of Finance and Corporate Affairs have organized a week-long celebratory event. During the inauguration of the event, PM Modi emphasised that India’s financial system has the potential to become a key part of international trade.

According to PM Modi, to escalate the status of products of Indian financial system in the world market, India needs to create awareness about its financial inclusion platforms. He stressed the need of translating India’s domestic success into the international market by extending its services to other countries.

Time to go global

He then stated that the time has come when our strengthened financial markets and institutions should strive to become the backbone of international trade.

Citing India’s success in the last 8 years, PM Modi said “It is necessary to focus on how to make our domestic banks, currency an important part of international supply chain and trade. We have shown in the last 8 years that if India collectively decides to do something, then India becomes a new hope for the world. Today, the world is looking at us not just as a big consumer market but looking at us with hope and confidence as a capable, game-changing, creative, innovative ecosystem,”

Read more: Why the world should move away from petrodollars and go back to the gold standards

Russia, India, and China are hitting hard at Petrodollar

At the time of speaking, no news organization decoded the larger meaning of PM Modi’s speech. Ever since the Ukraine-Russia crisis started to unfold, the legitimacy of the Petrodollar has taken a hit. It is because Russia and other countries around the world use the Dollar for their international trade. Apparently, by imposing sanctions on Russia, the United States thought that it would be able to tighten its noose around Russia.

But, this time, it was a different ball game altogether. Russia started to look for other alternatives. To bypass the Dollar, Russia and India explored Rupee-Rouble trade and the Barter system of trade. Similarly, Russia also engaged China in Yuan-Rouble trade. In fact, shunning Dollars, China and Russia have increased their Yuan-Rouble trade by 1067 per cent.

Given the resistance from Russia, China, and India, it is getting tough for the US to sustain stability in its economy on Petrodollar’s earnings. That is because Petrodollar is the engine of the US economy. Petrodollars are simply revenues from Crude oil export collected in dollars. The fact that more and more countries are now ditching Dollars for bilateral trades means that the USA will lose huge revenues it generates from Dollar trade. A major chunk of this loss will be in the form of the Petrodollar, because in modern times, Asia is the centre of the global oil trade rather than Western countries. It is the Indian subcontinent that is setting the rules of the game.

Read more: “Let not Dollar supremacy be compromised”, Manmohan Singh pleads to PM Modi

Tough times ahead but India can do it

However, the road ahead is not easy for India. Besides China fighting tooth and nail to capture the space being vacated by the USA, India’s legitimacy in the financial market is still a big worry for the country. Currently, products dominating the Indian financial market like UPI, and RuPay Debit card among others have been punching below their weight. They have not advertised themselves in the international market. Though RuPay has taken some initiative, UPI’s marketing in the market is still unchartered territory. Only when the products of India’s financial spectrum gain proper market share, India will be in a position to drive international trade on its own terms. And trust me when I say, it can happen very-very fast.

Read more: RuPay was really struggling and then came Narendra Modi

The road ahead is simple. Firstly, India needs to push its wonders into the international market. Then it should take advantage of its consumer base. It needs to tell countries to not engage in Dollar trade. Almost every Dollar circulating in Global trade has been once used in the oil trade, making it a Petrodollar. It will only stop when countries start a plan to phase out Dollar. India has started it, others need to follow.

Tags: #USAChinaFinanceIndiapetrodollarRussia-Ukraine Warworld
ShareTweetSend
Previous Post

OIC nations were trying to turn Nupur Sharma episode into an international talking point, India punctured their narrative

Next Post

Name them, shame them – Yogi’s poster model is back in Kanpur

Abhishek Kumar Singh

Abhishek Kumar Singh

Truth Seeker. Columnist at TFI Media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

Wrestlers Protest: Once champions, now disgraced foot soldiers of the opposition parties

1 June 2023
Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

Nominal GDP Growth at 16.1%? National Statistical Office releases India’s Economic accomplishment

31 May 2023
Best Indian TV Serials

5 Best Indian TV Serials of the 90s that people still crave for

31 May 2023
Inspector Avinash

“Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

31 May 2023

Popular This Week

Nawazuddin Siddiqui interview
Cinema

Dear Nawazuddin Siddiqui, you’re a one hit wonder, so just shut up

by Animesh Pandey
26 May 2023
Indian PSUs
Economy

Once a butt of all jokes, Indian PSUs are posting better results than Fortune 500 companies

by Animesh Pandey
26 May 2023
Bollywood actors who are now thriving in other professions
Cinema

Bollywood actors who are now thriving in other professions

by TFIPOST News Desk
26 May 2023
Ram Charan represents Indian cinema at G20 Summit
Politics

PM Modi Picks Ram Charan Teja over Bollywood Khans to Represent India at G20 Summit

by Animesh Pandey
24 May 2023
Inspector Avinash
Cinema

“Inspector Avinash”: Randeep Hooda Shines in a Hidden Gem of a Web Series

by Animesh Pandey
31 May 2023

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost