Currency Printing: Printing currency is not just a routine task but it is a very strategic decision for any country. Control over currency production ensures security, prevents counterfeiting and also helps control the economy and inflation. Although most countries have the resources and technology to print their own currency, there are some countries which do not print their own currency. Let us know about those countries.

Dependence on foreign currency printers

Many countries are unable to set up modern printing facilities. For this reason they depend on foreign countries for the production of their bank notes. In Asia, the currency of countries like Nepal, Bangladesh and Sri Lanka is printed in China. China’s advanced machinery, utmost safety measures and huge capacity make it a reliable partner. China prints its own currency, the Yuan, and also meets the needs of neighboring countries by producing their banknotes with accuracy and security. At the same time, India prints its own currency domestically to maintain complete control over security and economic policy.

Africa’s dependence on external printing

There are similar situations in Africa also. Nearly two-thirds of the continent’s 54 countries are completely dependent on foreign printers for their bank notes. Countries like Nigeria, Kenya, Zambia and Tanzania get their currency printed by companies based in the United Kingdom and Germany.

Why do countries choose overseas printing?

Actually printing currency is an expensive and technically demanding process. For this, special paper, high quality ink, security thread, hologram and other security things are required. For small or developing countries, the initial investment and ongoing maintenance of such technology can be very troublesome. By outsourcing the production of currency, these countries can obtain high quality banknotes without the huge costs of domestic production.

What is the danger behind this?

Actually, outsourcing the printing of currency is a very risky task. Whenever a foreign company or country produces bank notes of any country, it gets access to the necessary security details. If no proper security measures are taken then the risk of fraud increases. Therefore, for such work, those countries should be chosen as partners on whom there is complete trust.

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Donald Trump has imposed 50% tariff on India’s exports, which will directly affect Indian exporters and workers and can pose a threat to millions of jobs. However, the Modi government has prepared a strategy to deal with this situation. Like the relief schemes implemented during the Kovid lockdown, people and businesses will be given relief through new schemes. Also, work on long -term strategies to find a new market from America and strengthen the global supply chain is going on.

According to the report of Hindustan Times, two senior officials said that the government is first focusing on finding a solution to the cash crisis. Along with this, work is being done on covid-style schemes to save export and employment. Trump’s tariff can cause many problems, such as delay in payment, non -supply of goods, or cancellation of order. The aim of the government is that the exporters should be given necessary relief to continue the operation till the new market is discovered.

Government can announce relief package

According to officials, the government can again bring such relief packages like Corona was given during the lockdown. This is especially necessary for small and medium industries because they are facing cash problems. The government will pay attention to schemes like Emergency Credit Line Guarantee Scheme (ECLGS), in which 100% guarantee will be given loans without bail. This will save millions of small and medium industries from bankruptcy. In the lockdown, the same scheme rescued industries even after the industry was closed for 68 days.

Officials said that these schemes can be changed according to the current situation and its needs. The government will provide immediate relief as well as implement schemes in a phased manner so that long-term strategy can also be prepared. Apart from providing cash, strengthening the existing trade agreements and finding opportunities in the new market will also be faster.

GST will also get relief

Officials said that the government is also considering many reliefs related to tax, including GST reform. Many decisions related to tax reduction and improvement can be taken in the GST Council meeting to be held next week. He also said that due to the strength of the domestic market, India’s economy is safe and tariffs like external factors will not affect it much.

Officials said that the Indian economy remains strong and flexible due to domestic consumption. Although export plays an important role in economic development, it is only a small part of the country’s total GDP of 4.12 trillion dollars. The contribution of exports to the total GDP is about 10% i.e. $ 438 billion. For this reason, India’s economic growth rate was recorded at 7.8% even in the June quarter.

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Business tension between India and America is once again in discussion. The US has implemented a total tariff on Indian goods. Peter Navaro, senior White House advisor, has sharply criticized India’s trade policies and said that this step was necessary from the perspective of national security.

India is “Maharaja of Tariff” – Peter Navarro
Peter Navarro, the trade advisor of the White House, has called India a “Maharaja of Tariff”. He said that India is the highest tariff country in the world, especially on American products. Apart from this, India’s non-tariff barriers are also very high, which makes American products entry into the Indian market difficult.

Import duty implemented up to 50% on India
After the new tariff effective from August 27, the US has imposed a total fee on Indian goods in total. This step has been described by India as “unfair, unjust and baseless”. Prime Minister Narendra Modi also said that India will not compromise on the interests of its dairy and agriculture sector.

Allegations on India- Russian oil being bought from US dollar
Peter Navaro made a big allegation of America’s trade deficit. He said that America buys huge amounts of goods from India and sends dollars instead. India buys Russian oil from these dollars, and Russia uses the same dollar for war on Ukraine. In this way, Russia gets weapons from America’s money, causing damage to Ukraine.

The purpose of putting tariffs is different from China – Navaro
Navaro made it clear that the purpose of tariffs imposed on India is different from China. He said that this step has been taken by India for not stopping the purchase of Russian oil. While the tariffs imposed on China are “Risiprokel”.

National Security- Trump’s thinking
Navaro said that US President Donald Trump sees economic decisions with national security. He said, “The mathematics that does not work has to be closed. Trump understands that economic security is national security. This is the basic spirit of this decision.”

India’s strict response
India’s reaction to this move of America has been very strong. The Government of India not only described these tariffs as inappropriate, but also said that this will harm the business relations between the two countries. Prime Minister Narendra Modi also clarified that India will not allow its agriculture and dairy sector to harm under any pressure.