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<ul><li><keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> governor Shaktikanta Das today announced that retail central bank digital currency (<keyword id="6791630" type="General" weightage="100" keywordseo="cbdc" source="Orion">CBDC</keyword>) trial will be launched later this month. </li><li>The wholesale segment of the digital rupee pilot went live with select banks on November 1, with 48 trades executed, amounting to ₹275 crore. </li><li>Das also underlined that the end-to-end digitised Kisan Credit Card-based loans are currently being tested in Madhya Pradesh and Tamil Nadu, with a wider rollout expected to happen in 2023. </li></ul>Reserve Bank of India governor Shaktikanta Das today said that the retail segment trial of central bank digital currency (CBDC) will be launched later this month. This comes a day after the central bank’s digital rupee pilot <a href="https://www.businessinsider.in/business/news/rbi-to-launch-the-nations-first-digital-rupee-pilot-project-for-the-wholesale-segment-today/articleshow/95221874.cms">went live</a> with select banks yesterday for the wholesale segment. “Our endeavour is to try and launch CBDC in a full-fledged manner in the near future. The retail part of the <keyword id="15411645" type="General" weightage="20" keywordseo="CBDC-trial" source="Orion">CBDC trial</keyword> will be launched later this month. But I don’t want to give a target date by which time CBDCs will be launched in a full-scale manner because this is something where we have to proceed very carefully,” Das said in his address at FIBAC 2022, an annual banking conference organised by FICCI. RBI is currently running two pilot projects – CBDC and end-to-end digitised Kisan Credit Card-based (KCC) loans. Das said that the central bank wants to ensure all the technological and other process-related issues are ironed out before they are rolled out on a wide scale. The CBDC pilot is currently limited to the wholesale segment with nine banks having been identified as participants. KCC-based loans are currently only being tested in Madhya Pradesh and Tamil Nadu. <cmsannotation type="cmsannotation" annotationid="There will be tech and process challenges, says Das" comment="subhead" text="There will be tech and process challenges, says Das">There will be tech and process challenges, says Das</cmsannotation> RBI’s CBDC pilot for the wholesale segment on November 1, with select banks like ICICI Bank, Bank of Baroda and IDFC First Bank, saw transactions totalling to ₹275 crore. All in all, 48 trades were executed using CBDC on the first day of the trial, according to data from the Clearing Corporation of India. “It was indeed a landmark moment in the history of money, in the history of currency in our country. Going forward, it will be a landmark achievement so far as the functioning of the entire economy is concerned,” Das said, adding that is going to be a major transformation in the way business is done. However, Das added that the RBI is not in a rush for a wider rollout. “There are going to be some technological challenges and process challenges. We want to iron out all those aspects and introduce it in a manner that the whole process and introduction is thereafter non-disruptive,” Das said. Amongst the key benefits of CBDC include a reduction in costs associated with physical cash management, improving efficiency and innovation in payments, progressing towards a less-cash economy, and providing the public with a risk-free virtual currency. <cmsannotation type="cmsannotation" annotationid="Pilot project on digitised Kisan Credit Card-based loans" comment="subhead" text="Pilot project on digitised Kisan Credit Card-based loans">Pilot project on digitised Kisan Credit Card-based loans</cmsannotation> Earlier in September this year, RBI launched a pilot project in Madhya Pradesh and Tamil Nadu on end-to-end digitised Kisan Credit Card-based loans. Via this system, farmers can apply for loans using their mobile phones, and the banking system can take the process forward. Once the application is initiated by the farmer, data from credit rating agencies, satellite data of the farmer’s land is obtained to determine its condition and what was cultivated on it and analysed using artificial intelligence. Das said that the primary objective of this project is to minimize the amount of time and effort it takes a farmer to obtain a KCC-based loan. He added that the objective right now is to ensure that the issues in the process are ironed out before a wider rollout, which he expects to happen sometime in the calendar year 2023. KCC-based digital loans will not only require banks to upgrade their technologies, but state governments will also have to ensure land records are digitised, Das said. <cmsannotation type="cmsannotation" annotationid="‘Monetary policy actions undergoing a regime shift in advanced economies’" comment="subhead" text="‘Monetary policy actions undergoing a regime shift in advanced economies’">‘Monetary policy actions undergoing a regime shift in advanced economies’</cmsannotation> Das also spoke about how the triple shocks of Covid-19, the Russia-Ukraine war and the turmoil in financial markets are reshaping geopolitics and economic relationships. “The confluence of these factors and circumstances is reverberating speedily across jurisdictions. With monetary policy actions and stances undergoing a regime shift in the advanced economies, the financial conditions have tightened sharply across markets and have accentuated financial stability risks,” Das said. As central banks across the world are raising interest rates, it’s leading to a slowdown as estimated by the International Monetary Fund (IMF). The IMF has projected the global economic growth to contract from 6% in 2021 to 3% in 2022 and 2.7% in 2023. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/markets-break-4-session-winning-streak-to-open-lower-in-early-trade/articleshow/95245774.cms">Markets turn choppy ahead of US Fed monetary policy outcome</a> <a href="https://www.businessinsider.in/business/corporates/news/5g-rollout-to-give-business-a-fillip-says-airtel-ceo-gopal-vittal/articleshow/95230944.cms">5G rollout to give business a fillip, says Airtel CEO Gopal Vittal</a> <a href="https://www.businessinsider.in/sports/news/everything-you-need-to-know-about-kuldeep-sen-team-indias-new-pace-bowler/slidelist/95247221.cms">Everything you need to know about Kuldeep Sen, team India’s new pace bowler</a>

CBDC trial a landmark moment in the history of money: Shaktikanta Das

<ul><li>Environmental concerns around <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> have been well documented, but it is still the most valuable <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> token in the world.</li><li>China has been testing a digital yuan for over a year now.</li><li>Central Banks in India and the US are also exploring CBDCs.</li></ul>Even as Bitcoin faces concerns about its viability as an environmentally sound cryptocurrency, a new report by <keyword id="6358918" type="General" weightage="20" keywordseo="deloitte" source="Orion">Deloitte</keyword> states that the world’s most valuable crypto has the potential for becoming the backbone for central bank digital currencies (CBDCs). According to the <a href="https://www2.deloitte.com/us/en/pages/consulting/articles/state-sponsored-cryptocurrency-adpating-bitcoin-innovation.html">report</a>, titled State-Sponsored Cryptocurrency, CBDCs will require a redesign of the traditional monetary ecosystem. And Bitcoin can help in five key areas — speed, security, efficiency, cross-border payments, and collaboration with other participants. <div type="ExtQuote" text="What would happen if we combined the best attributes of the technology of cryptocurrencies with the features of an established fiat currency under the sponsorship of a central bank? The result very well may just be a new method of handling payments that would revolutionize the current system. With the potential to reduce costs, reduce errors, speed the transfer of money, balance privacy with anonymity, and do it without the day-to-day operational need for a centralized organization, whether commercial or federal, the result could truly be transformational." auname="Except from Deloitte 2022 Report “State-sponsored cryptocurrency"></div> The report also points out that the first government that rolls out a <keyword id="6791630" type="General" weightage="20" keywordseo="cbdc" source="Orion">CBDC</keyword> will have an advantage in terms of how its currency is used in international markets. It also noted that Bitcoin doesn’t undergo the same inflationary patterns that fiat currencies do. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Which countries are working on CBDCs?" comment="subhead" text="Which countries are working on CBDCs?">Which countries are working on CBDCs?</cmsannotation> So far, most central banks haven’t mentioned Bitcoin when it comes to issuing CBDCs. Currently, countries like India, the United States (US) and some others have been exploring the possibility of issuing CBDCs. India’s Finance Minister, <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, said that the country will be issuing a CBDC soon. “A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different,” T Rabi Shankar, deputy governor of the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>, said in a <a href="https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1111">speech</a> in July last year. Yesterday, the government also clarified that the RBI will not be issuing its cryptocurrencies. In a written <a href="https://www.livemint.com/market/cryptocurrency/govt-clarifies-on-plans-to-issue-a-cryptocurrency-11647343157920.html">reply</a> at the Parliament, Minister of State (MoS) for Finance, Pankaj Chaudhary said, “RBI does not issue a cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of the RBI Act, 1994. A digital version of traditional paper currency is called CBDC.” In fact, on February 10, the Economic Times <a href="https://www.businessinsider.in/cryptocurrency/news/indias-digital-rupee-may-not-necessarily-be-on-the-blockchain-according-to-rbi/articleshow/89475650.cms">reported</a> that the RBI’s upcoming CBDC may not be based on blockchain technologies at all. On March 9, US President Joe Biden also issued a historic executive order that directed the Federal Bank to explore the possibility of issuing CBDCs. Biden’s order also noted that impact cryptocurrencies have on the environment, and called for “responsible development, design, and implementation” of cryptocurrency. To be sure, Bitcoin isn’t the only crypto to have faced such concerns. The premier cryptocurrency is based on a system of mining called ‘proof-of-work (POW)’, under which every miner is rewarded for being part of the system, and in turn, raises the overall electricity requirements. Any cryptocurrency that has a large enough following and is based on the system could be under the radar of regulators. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin consumes over 132 TWh of power every year, which is higher than many small countries. Earlier this week, the European Parliament voted against a ban on POW cryptos, though regulations around the use and mining of cryptocurrencies are still expected. India and the US aren't the ones leading the charge though. That honour falls to China, which has already created a digital yuan and has been running pilot processes for over a year. The People’s Bank of China deployed a task force for the digital yuan as early as 2014 and conducted its first trial in 2020. The Swedish Riksbank, which is the oldest bank in the world, also began its CBDC project in 2017. The pilot for this took place in 2020 and was extended to February this year. Sweden’s CBDC is called e-krona right now. Smaller nations like the Bahamas have also issued CBDCs, called the Sand Dollar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/metas-mark-zuckerberg-says-instagram-to-add-nfts-soon/articleshow/90254920.cms">Meta's Mark Zuckerberg says Instagram to add NFTs soon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/opening-up-of-schools-colleges-courts-and-offices-boost-paper-manufacturing-companies-stocks/articleshow/90268292.cms">Paper manufacturing company stocks are in big demand since last couple of days and here’s why</a>

Bitcoin could form the backbone for CBDCs, according to a new report

<ul><li><keyword id="496245" type="General" weightage="100" keywordseo="suryakumar-yadav" source="Orion">Suryakumar Yadav</keyword> on Wednesday became the world's number one batsman in T20 internationals.</li><li>Yadav overtook Pakistan opener <keyword id="292844" type="General" weightage="80" keywordseo="mohammad-rizwan" source="Orion">Mohammad Rizwan</keyword> to become just the second Indian player to hold the top T20I batter ranking.</li><li>Yadav has accumulated 863 points with Rizwan at 842 points.</li></ul>The swashbuckling Suryakumar Yadav on Wednesday became the world's number one batter in T20 Internationals, rising to the top on the back of his incredible form in recent times. Yadav overtook Pakistan opener Mohammad Rizwan to become just the second Indian player to hold the top T20I batter ranking. Since beginning his T20I journey for India in March last year, Yadav has quickly established himself as one of the best batters in the shortest format of the game, scoring one century and 11 fifties from 37 appearances for his country. The 32-year-old Yadav has also played 13 ODIs for India. Yadav has accumulated 863 points with Rizwan at 842 points. New Zealand's Devon Conway completes the top three with 792 points. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/tech/all-you-need-to-know-about-twitters-blue-tick-and-why-elon-musk-wants-you-to-pay-for-it/slidelist/95246904.cms">All you need to know about Twitter’s Blue Tick and why Elon Musk wants you to pay for it</a>

India's Suryakumar Yadav becomes the world's No 1 T20I batsman

Union Minister for Finance <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> stated on Wednesday that for industries which are moving out from China and <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword>, <keyword id="6354780" type="General" weightage="80" keywordseo="karnataka" source="Orion">Karnataka</keyword> is the best place for investments. Sitharaman was delivering her keynote address at the inaugural session of the three-day Global Investors' Meet (GIM). "They are moving out to other destinations which are offering more than just tax incentives. Karnataka is the major job generator in the country. While contributing 8.8 per cent to the national GDP, whilst its population is just five per cent of the total national population, 10 per cent of all formal jobs are created here," she explained. "I wish to assure all the investors that the state is absolutely very nimble-footed, that the policies are kept abreast of the global developments at a time when all of you are trying to move in. Here is a state which has showcased itself for its previous achievements, and assuring that even now and for the next 25 years during <keyword id="13076856" type="General" weightage="80" keywordseo="amrit-kal" source="Orion">Amrit Kal</keyword>, Karnataka will be an essential foundation for many investors to come into <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, from here to the entire globe," the minister stated. "I would like to draw also from what is evolving around India globally. All over there is definitely a sense of uncertainty. Immense amounts of challenges, that is not just for India, every country in the world feels the headwinds are very strong elements of the feeling of certainty completely absent, even as we all started talking about China plus one," she stated. "When you wanted to diversify the value chains, or when you wanted to ensure that there is more than one source for the raw materials or for the intermediary products that you will produce. You had a global situation of war. The war, especially from countries which sourced raw materials whether it is fuel, fertilizer or food related. So, you have these countries at war which are causing insecurity to the globe, particularly in the area of fuel and food. "As a result, the countries are readjusting themselves to source these materials from different parts of the world. That has had a bearing on industries, the economy, trade and global trade as well. The results of these disruptions were seen in large economies which were essential sources of raw materials for intermediary products, which were markets to emerging markets... are all going through huge recessionary doubts. "They may technically be at the threshold of recession, but are not really out of suspense or shock on whether they will be getting into further rigid recession in the future... With all these uncertainties, I am here to put it before you because of the careful planning, targeted facilitation, and fiscal prudence, the Prime Minister led from the front and made sure that the Indian economy will not be severely threatened by these developments outside. "As a result of this, between 2020 and today, we seem to have come out to a situation where the challenges continue, and the new challenges are also building up. But, India remains an island of calm. We will have our own challenges but not as other countries as they think India would be threatened by. "In a way I have been hearing both during my Washington visit, also through visitors at New Delhi that India seems to be an oasis of calm and the challenges are carefully firewalled and that our economy now is very attractive for investors." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-behaved-in-an-orderly-manner-says-rbi-governor/articleshow/95251595.cms">Rupee has behaved in an orderly manner, says RBI Governor</a>

With challenges carefully firewalled, Indian economy now is very attractive for investors: FM

<ul><li>Bishijie, a Chinese <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> community and information provider, has shut services within Mainland China.</li><li>The company is also called '<keyword id="11653824" type="UNKNOWN" weightage="20" keywordseo="coin-world">Coin World</keyword>' and said it's actively cooperating with regulators and taking corrective measures.</li><li>The last few years were great for the <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> mining community in China, but the May crackdown changed everything.</li><li>Now, there are no easily accessible crypto exchanges for the average Chinese citizen.</li></ul>China’s crackdown on <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> is widening its reach and is now knocking on the doors of anyone who even dares to talk about digital assets. Bishijie, a Chinese <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> community and information provider, announced that it’s closing down all its news portals and apps as of July 14. <div type="ExtQuote" text="The Biworld APP and website will cease operations in China with immediate effect." auname="Statement by Bishijie"></div> Also called Coin World, the site was most well known for providing news, social network services, and trading information to Chinese users. In a <a href="https://bishijie.com/kuaixun/1001138.html">statement</a>, the company said that it is actively cooperating with regulators and taking corrective measures. The site is no longer presenting any fresh updates, and the company has not indicated when it will be operational again. <div type="twitter" handle="Sino_Market" handlename="CN Wire" image="http://pbs.twimg.com/profile_images/1328240753353523200/XYefJVjh_normal.jpg" favoritecount="3" retweetcount="0" status="Jiemian says Chinese #bitcoin and #cryptocurrency news platform https://t.co/Ws7q7WXUq5 would halt operation of app… https://t.co/6NVuuOe5hf" createdat="1626337118000" id="1415586591976824833"></div> Bishijie did not specify why it was shutting down altogether, but Coin World was already being investigated by the authorities for illegal token issuance in 2019, according to <a href="https://baijiahao.baidu.com/s?id=1633016195273588895&amp;wfr=spider&amp;for=pc">local media</a>. China made it very clear early on that it isn't a fan of decentralised currencies and vowed to take action against the rising trend. The last few years were great for the crypto mining community as they could leverage affordable energy to dig out tomorrow's gold. But the party came to an end in May, when provincial governments were tasked with a <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-inner-mongolia-region-proposed-punishments-for-companies-and-individuals-involved-in-crypto-mining/articleshow/83034373.cms">massive crackdown</a> that spared nobody. <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">Bitcoin's hash rate</a> reached a record low within no time, and all businesses based out of China either shut shop or moved out. Now, there are no easily accessible <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-oldest-crypto-exchange-exits-cryptocurrency-business-amid-government-crackdown-on-bitcoin-mining/articleshow/83953113.cms">crypto exchanges</a> for the average Chinese citizen. While there are turnarounds, they're riskier and could attract attention from authorities, directly hindering crypto adoption. After shutting down the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a>, it's now going after media sites that host a lot of content about crypto. "Whether involved in the direct trading of cryptocurrency or providing relevant information services, they are within the scope of the government's crackdown, mainly for the concerns that cryptocurrency will cause systemic risks," said Chen Bo, Director of the Digital Finance Research Center at the Central University of Finance and Economics, Beijing in a <a href="https://www.globaltimes.cn/page/202107/1228820.shtml">Global Times</a> article. The Global Times is a mouthpiece of the Chinese Communist Party (CCP). Further, it adds that Bishijie was listed as an abnormal business by the Market Supervision Administration in Beijing because its contact wasn't possible via its registered address. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="China's crackdown is decisive, and there's no going back." comment="subhead" text="China's crackdown is decisive, and there's no going back.">China's crackdown is decisive, and there's no going back.</cmsannotation></h2> The authorities have made up their mind about cryptocurrencies, and there's no going back. But it doesn't mean they've abandoned the technology altogether. China is piloting CBDC (central bank digital currency) instead of a decentralised system to ensure it's not left behind in the technological race. It has already released e-yuan, a digital representation of physical yuan that has been in the works since 2014. The People's Bank of China (PBOC) has spearheaded the project, and real-world trials are <a href="https://www.businessinsider.in/cryptocurrency/news/every-country-wants-a-piece-of-cryptocurrency-but-how-is-it-benefiting-them/slidelist/83535636.cms#slideid=83536651">currently underway</a>. While a nationwide roll-out is still pending, testing is underway in Beijing, Chengdu, Shenzhen, Suzhou, and more. It involves the local government handing out a certain amount of yuan via a lottery. Users usually have to download a separate app to receive the currency. The system is officially called Digital Currency Electronic Payment (DCEP). Private companies like Alipay and WeChat dominate the current payments landscape in China. The government isn't comfortable giving critical data access to corporates and intends to control and administer the payments industry directly. Unlike cryptocurrencies, China's CBDC solution is closely monitored by a central authority, and the primary motive is to phase out coins and notes. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/visa-crypto-debit-cards-are-coming-to-australia-where-the-government-is-mulling-over-new-crypto-laws/articleshow/84441699.cms">VISA crypto debit cards are coming to Australia amid regulatory uncertainty</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-of-canadas-largest-bitcoin-mining-farms-sees-a-50-jump-in-production/articleshow/84437300.cms">Canadian crypto mining company is eyeing Bitcoin worth ₹96.6 crore this month after China’s crypto crackdown</a>

After closing down exchanges and other related businesses, China is going after crypto community forums like Coin World

<ul class="summary-list"><li>The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.</li><li>Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.</li></ul>The West's tightening sanctions are driving Russia nearly up against the wall — but <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Moscow keeps finding ways</a> to keep the country's economy going.Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.Discussions about <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a> have been gaining traction in recent years as Western-led sanctions against Russia related to its invasion of Ukraine are making other countries wary of the potential consequences of crossing Washington.There's been some success, with trade between Russia and China, as well as Russia and India, chugging along until recently. Now, even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> — buckling under the pressure of tightening US sanctions — are pushing back on processing transactions for Russian companies.But Russia and its partners have been looking at other ways to do business outside the Western-led order, in part because technology is making it easier to process payments and get around the US-dollar-dominated global financial order.As <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">Brookings researchers</a> Sam Boocker and David Wessel explained in an August post, "innovations in payment technology could reduce the dollar's role in the global economy."To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/king-dollar-reign-supreme-3-reasons-dedollarization-fears-yuan-euro-2023-5">king dollar</a> is entrenched in the world's financial system, so it's unlikely to be dethroned, most experts say. However, new platforms are coming up that could chip away at its dominance.These are some of the alternative trading and payment systems that are trying to crack the US-led trade and payments order:<h2 id="e3db2e40-91e6-40ce-8ea6-bd2555a945d0">Russia set up SPFS and Mir years ago, citing 'risks'</h2>Russia prepared for even more sanctions years ago, following trade restrictions after it annexed Crimea in 2014."There are risks in using the global financial networks," Elvira Nabiullina, governor of Russia's central bank, told <a target="_blank" class="" href="https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html">CNBC in 2018.</a> "Therefore, since back in 2014, we have been developing our own systems."Some Russian banks were banned from the SWIFT messaging system for banking transactions following Russia's full-scale invasion of Ukraine. Moscow has been touting its homegrown ruble-based payment system — the System for Transfer of Financial Messages, or SPFS — that was set up in 2014.<div type="image" title="Russian President Vladimir Putin meets with Central Bank chief Elvira Nabiullina" height="3605" width="5408" msid="112978409" hostid="261" sizebytes="1587422"></div>At the end of 2023, users of SPFS included 556 organizations from 20 countries. Of these, 159 — about a quarter of total participants — were foreign and their use of the messaging system more than doubled from 2022, according to Russia's central bank, per <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/103040/">Interfax</a>.In July, Russia and Iran — another heavily-sanctioned country — finalized details to connect the banking systems of the two countries, Iran's <a target="_blank" class="" href="https://en.mehrnews.com/news/217372/Iran-Russia-finalize-integration-of-national-payment-systems">Mehr news agency</a> reported.This means that Russia's Mir payment system would work with Iran's Shetab banking system, allowing for both pariah states to trade more smoothly.<h2 id="dc8236fe-da57-4f21-8a5f-0a2f6f46c77a">China's CIPS is growing quickly</h2>China's Cross-Border Interbank Payment System, or CIPS, is an alternative system that processes payments in Chinese yuan.Launched in 2015, CIPS has about <a target="_blank" class="" href="https://www.cips.com.cn/en/2024-08/01/article_2024080115043180408.html">2,000 participants as of July,</a> compared to <a target="_blank" class="" href="https://www.swift.com/about-us">11,000 for SWIFT.</a>CIPS "has been growing rapidly in recent years," the Brookings researchers wrote.In 2023, CIPS processed over 6.6 million transactions, totaling 123 trillion Chinese yuan, or $17.3 trillion — up nearly 30% by value from a year ago, according to <a target="_blank" class="" href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf">China's central bank.</a><h2 id="a578a224-e5df-4b31-8404-e02cff739d93">India's UPI is already used extensively</h2>India — now a key trading part of Russia — also has its own system.The country's <a target="_blank" class="" href="https://www.npci.org.in/what-we-do/upi/product-overview">Unified Payments Interface,</a> or UPI, was developed in 2016 and is <a target="_blank" class="" href="https://edition.cnn.com/2024/04/29/tech/india-digital-payments-upi-growth-hnk-intl/index.html">used extensively</a> in India today, even among everyday consumers.The payment system has gotten so big that it's not just limited to India. The National Payments Corporation of India, which runs the platform, has partnered with financial institutions in other countries, including France, the United Arab Emirates, and Singapore.<div type="image" title="A man behind piles of fruits at his stall in India that features a QR payment code." height="701" width="1024" msid="112978412" hostid="261" sizebytes="98408"></div>If the UPI's footprint expands to more countries, it could be a way to bypass the SWIFT banking system, wrote Evan Freidin, an international relations analyst, for the <a target="_blank" class="" href="https://www.lowyinstitute.org/the-interpreter/india-s-plan-world-without-cash">Lowy Institute,</a> an Australian think tank."It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony," Freidin wrote in July.<h2 id="48c27799-0d46-40f6-b4b7-e9225b102131">Central banks are looking at digital currencies</h2>Countries are also increasingly looking to build central bank digital currencies, or CBDCs. These currencies are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements,</a> an organization of central banks, is overseeing the trial of a CBDC platform for wholesale cross-border payment.Participants of the project, called <a target="_blank" class="" href="https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/">mBridge,</a> include China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It's dominated by Beijing, which has already rolled out the digital Chinese yuan.<div type="image" title="Woman with a face mask using a touch screen at an exhibition booth for the e-renminbi." height="746" width="1024" msid="112978411" hostid="261" sizebytes="54016"></div>The Brookings researchers wrote that these CBDCs could "upend the dollar's role as a currency 'middleman' by reducing settlement times, making it cheaper and easier to trade non-dollar currencies."The CBDCs integrate messaging and payments, unlike current systems like SWIFT and major US dollar clearing system CHIPS.<h2 id="67caf2a1-65f8-470a-8a88-3f2e381242e9">Russia rushes into crypto</h2>As doors to transact in fiat money close, Russia is now looking to trade in cryptocurrencies.It's in such a rush to get the system up and running that it plans to start crypto exchange trials as soon as September 1, anonymous sources told <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg in late August.</a>Creating this mode of payment has gotten more pressing because even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">banks from China</a> are rejecting most transactions with Russian entities.<a target="_blank" rel=" nofollow" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said in July that Russia had to <a target="_blank" rel=" nofollow" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.<h2 id="15b13f44-3051-4887-85cf-66563ce70c10">Going back to barter trade</h2>If all else fails, there's also the age-old method of barter trade.In August, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported that Russia and China are planning to revive the practice of <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade</a> to get around Western sanctions.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources.The two countries are no strangers to barter.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Last year, cash-strapped <a target="_blank" rel=" nofollow" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.In 2019, China <a target="_blank" href="https://www.reuters.com/article/markets/currencies/china-in-barter-deal-for-200000-tonnes-of-malaysian-palm-oil-report-idUSKCN1T22W0/">traded $150 million worth of palm oil</a> from Malaysia for a range of products and services, including natural resources and defense equipment.

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

<ul class="summary-list"><li>The BRICS bloc could pick up its de-dollarization agenda at its October summit in Kazan, Russia.</li><li>One analyst said to expect more trade in alternative currencies.</li></ul>The <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-new-brics-china-yuan-currency-sanctions-debt-2023-12">BRICS group of emerging nations</a> has been agitating for a move away from US dollar dominance.Last year, Brazilian President Luiz Inácio Lula da Silva called for a <a target="_blank" href="https://www.reuters.com/article/idUSE1N37E00R/">BRICS common currency</a>. The economist who first gave the bloc its name said that idea was almost "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8">embarrassing</a>."While the setup of a common currency is practically challenging, the bloc — which comprises Brazil, Russia, India, China, and South Africa, which make up its acronym, along with Iran, Egypt, Ethiopia, and the United Arab Emirates, its new members — has called for more trade and lending in <a target="_blank" href="https://markets.businessinsider.com/news/bonds/china-brics-bank-dedollarization-dollar-dominance-debt-local-currency-lending-2023-8">local currencies</a> as a way to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">break up with the dollar</a>.Christopher Granville, the managing director of global political research at GlobalData TS Lombard, wrote in a Friday report that there might be more traction in ditching the dollar this year when the BRICS bloc meets in the Russian city of Kazan from October 22 to October 24.The summit would take place in the context of the US and its allies' increasingly <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">aggressive stance toward Chinese exports</a>, which they say are over capacity. And Washington is <a target="_blank" href="https://www.businessinsider.com/russia-economy-west-secondary-sanctions-hitting-oil-exports-payments-revenue-2024-3">imposing secondary sanctions against banks</a> processing payments to and from Russia, even if they're in local currencies, such as the Chinese yuan.<h2 id="78d72fc9-3551-4d1d-9c03-674911b374b3">Central banks eye digital-currency transfers</h2>Granville wrote that a more-systemic solution was in the works: a <a target="_blank" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a> platform that allows for the direct, peer-to-peer settlement of commercial invoices and foreign-exchange trades in the central-bank digital currencies of participating countries. These currencies are similar to cryptocurrencies but are <a target="_blank" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The central banks of China, Hong Kong, the UAE, and Thailand participated in a BIS <a target="_blank" href="https://www.centralbanking.com/fintech/cbdc/7953266/china-hong-kong-thailand-and-uae-complete-cross-border-cbdc-test">trial of the digital-currency system</a> in 2022, but it's not live yet.Still, Russia's foreign minister, Sergey Lavrov, also touted a <a target="_blank" href="https://tass.com/politics/1609601">digital-currency-based settlement system</a> to local media recently — which Granville said was a sign central banks were eyeing the "US-insulated" solution."That Lavrov signal was unsurprising given Russia's own pressing need," Granville wrote. "While other countries outside the US alliance system will not feel the same urgency, this US-insulated CBDC solution still looks to be in their interests."Specifically, it'd make sense for China amid its trade war with the US. China's central bank already has one of the most developed digital currencies, the <a target="_blank" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital Chinese yuan</a>, that is used domestically, including to pay some <a target="_blank" href="https://asia.nikkei.com/Business/Markets/Currencies/Chinese-cities-begin-to-pay-public-employees-in-digital-yuan">public-sector salaries</a>.The <a target="_blank" href="https://www.bis.org/cpmi/membership.htm">BIS suspended the Russian central bank's membership</a> following the country's full-scale invasion of Ukraine in 2022, so it's unclear how the digital-currency platform and infrastructure would work for Russia.<h2 id="1c7d126d-1e79-47c1-afef-2c9b5eb6ebb3">Central-bank digital currencies could weaken the US dollar's role in international payments</h2>Even so, Granville wrote that the participation of other central banks in the CBDC system could weaken a key pillar of the US dollar's global reserve-currency status: international payments outside the eurozone.The greenback accounted for 60% of international payments ex-eurozone in 2023, Granville's analysis found. This is in contrast to its 80% share in trade finance — which covers a wide range of products banks and companies use for trade — and 60% of global foreign-exchange reserves.As <a target="_blank" href="https://www.businessinsider.com/west-cannot-completely-isolate-russia-banks-disastrous-globally-putin-economy-2024-5">Business Insider</a> reported recently, the West can't afford to totally isolate Russian banks from the SWIFT messaging network because of the disastrous knock-on impact on trade finance — a key pillar of international trade. As for global FX reserves, the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">greenback is still king</a>.But, chipping away at the US dollar's share in international payments through a non-dollar CBDC platform "would weaken one of three planks of the US dollar's global reserve currency status," Granville wrote. He added that the effect would hold even though the currency of choice for cross-border payments was less systemically important than the dollar's role in trade finance and FX reserves.Despite the discussion over central-bank digital currencies, there would inevitably be challenges in any implementation.Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote that that setup avoided excessively disrupting the financial institution's business model and creating financial instability.

A group of emerging nations could soon start knocking down one key pillar of dollar dominance

<ul><li>The 2022 festival season has turned out to be a blessing for Indian automakers, with registrations of passenger vehicles, commercial vehicles and tractors in October rising between 35-66% over 2019 levels. </li><li>The struggling two-wheeler segment also witnessed signs of revival with a 5% increase in registrations when compared to the same period in 2019. </li><li>Entry-level passenger vehicles and 2W continued to struggle, while SUVs and premium 2W continue to witness strong demand. </li></ul>The festival season has turned out to be a blessing for Indian automakers, with registrations of passenger vehicles, commercial vehicles and tractors in October exceeding the 2019 levels in the range of 35-66%. On the other hand, the two-wheeler segment is also showing signs of revival with 5% higher registrations than 2019. The festival season, which began on September 26 with Navratri and ended on October 24 with Diwali, saw registrations rise by 34-44% year-on-year across passenger vehicles (PV), commercial vehicles (CV) and tractors, according to a report by Jefferies. On the other hand, the struggling 2W segment is showing signs of revival after sales fell for three consecutive years after peaking in 2018. According to Jefferies, 2W registrations were up 5% in October when compared to the same period in 2019. On a YoY basis, the growth came in at 32%. “A good festive season bodes well for India's auto demand, which is recovering from its worst slowdown in decades. We expect strong 17-19% volume CAGR for PVs, 2Ws and trucks over FY22-25,” the Jefferies report said, adding that falling metal prices could fuel double-digit earnings CAGR for most companies. <div type="image" title="Festive season auto sales demand 2022." msid="95257233" hostid="261" sizebytes="15620" caption="&amp;lt;p&amp;gt;Festive season auto sales demand in 2022&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Maruti, Tata, Mahindra report double-digit growth in sales" comment="subhead" text="Maruti, Tata, Mahindra report double-digit growth in sales">Maruti, Tata, Mahindra report double-digit growth in sales</cmsannotation> The festive cheer for car makers was visible in their October sales, with <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword>, Tata Motors and Mahindra &amp; Mahindra reporting double-digit YoY growth in their sales during the month. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Units </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MoM change </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,67,520 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78,335 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.3% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,13,108 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.2% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.1% </td></tr></tbody></table> Source: Elara Securities M&amp;M’s auto division reported stronger growth of 45.8% y-o-y in sales during the month, but its overall growth was tempered by the tractor segment which grew 10.6%. However, analysts at Elara Securities state that tractor sales were above expectations. Demand in the entry-level segment remained weak with inventory piling up, according to the research firm, while customers continue to throng to SUVs despite the long wait periods. <cmsannotation type="cmsannotation" annotationid="Extended monsoon and delayed harvest keep rural demand for 2W subdued" comment="subhead" text="Extended monsoon and delayed harvest keep rural demand for 2W subdued">Extended monsoon and delayed harvest keep rural demand for 2W subdued</cmsannotation> An extended monsoon has resulted in delayed harvest, and according to analysts at Elara Securities, this has resulted in subdued demand in rural areas for 2W. Dispatches from Bajaj Auto, <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword>, and <keyword id="62356" type="General" weightage="80" keywordseo="tvs" source="Orion">TVS</keyword> Motors remained flat y-o-y, declining 7% sequentially, according to the research firm. In terms of price points, the entry level segment underperformed the premium segment, while motorcycle demand was weaker than that of scooters. Market leader Hero MotoCorp reported a 17% decline in its overall sales, Bajaj Auto reported a 10% decline but TVS reported a 1.5% increase y-o-y. Notably, Bajaj Auto reported a significant decline of 31% in its exports y-o-y, but grew 9% sequentially. The company said in a statement that it expects exports to now increase sequentially each month from here for FY23. <cmsannotation type="cmsannotation" annotationid="Stars aligning for good demand for tractors in coming months" comment="subhead" text="Stars aligning for good demand for tractors in coming months">Stars aligning for good demand for tractors in coming months</cmsannotation> M&amp;M, one of the leading tractor and farm equipment makers, said that the festive cheer has aided demand for tractors and farm equipment. “Festive season kept the spirits high and led to very strong momentum in demand for tractors and farm machinery,” said <keyword id="496390" type="General" weightage="80" keywordseo="hemant-sikka" source="Orion">Hemant Sikka</keyword>, president - farm equipment sector, M&amp;M, in a statement on November 1, in the company’s exchange filing. Sikka also said that the outlook for rural demand looks good in the coming months, thanks to the government announcing higher minimum support price (MSP) for Rabi crops and high reservoir levels. According to a report by Morgan Stanley, high-frequency indicators suggest that the overall economic activity in rural India has been <a href="https://www.businessinsider.in/finance/news/rural-recovery-underway-says-morgan-stanley/articleshow/94935646.cms">normalising</a> over the past three months, which is another positive sign for auto companies. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/stock-market/news/markets-break-4-session-winning-streak-to-open-lower-in-early-trade/articleshow/95245774.cms">Markets turn choppy ahead of US Fed monetary policy outcome</a> <a href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a>

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