Can India make the world use rupees instead of dollars? Maybe, but not yet

Prime Minister Narendra Modi has urged the Reserve Bank of India to do more to make the rupee a global currency, in line with the Indian economy's rising aspirations. It is, no doubt, a legitimate aspiration in the long run, but achievable only after the entire economy, and not just the central bank, undergoes positive change, taking progressive steps towards economic maturity on many different counts. In the first place, the rupee is not convertible on the capital account and is unlikely to achieve that status in the near term. Ask yourself a hypothetical question: if you were an exporter…