Indian rupee can become global reserve currency. But Modi govt must bring reforms for that

India, with its burgeoning economic power, will be a pivotal actor in determining the future of the global monetary system. China and Russia inking a bilateral agreement in 2019 to promote their respective currencies is reflective of like-minded countries coming together to determine economic linkages. On the other hand, multilateral organisations such as BRICS are also questioning their reliance on the dollar. For instance, one of the key issues being discussed at the 15th BRICS Summit at Johannesburg is the need to trade in domestic currencies and exploring a common currency for BRICS nations. Many countries have periodically considered the…