President Ranil Wickremesinghe of Sri Lanka expressed openness to using the Indian Rupee as a common currency alongside the US dollar. He made this statement during his address to the Indian CEO Forum, just ahead of his upcoming official visit to New Delhi. President Wickremesinghe, who also serves as Sri Lanka’s finance minister, emphasized the growth potential of India and the Indian Ocean region, likening it to the significant growth witnessed by East Asian countries in the past.
The President’s remarks were in response to a call by TS Prakash, the Forum’s chair, for increased utilization of the Indian rupee in the Sri Lankan economy. President Wickremesinghe stated that it would make no difference to Sri Lanka if the Indian rupee became a common currency and highlighted the need for the country to be more open to the outside world.
He acknowledged the rapid development taking place in India under Prime Minister Modi’s leadership and highlighted the advantageous position in terms of proximity to India, rich history, cultural heritage, and longstanding trading relationships spanning centuries.
President Wickremesinghe has been leading the country out of an economic crisis and stated that despite the slow recovery, the economy is showing signs of improvement. He emphasized that once debt restructuring is completed, the focus will shift toward a comprehensive growth agenda, involving a significant overhaul of the economy, legal framework, and systems to align with India’s path.
The President’s visit to New Delhi comes a year after he assumed office amid economic and political turmoil in Sri Lanka. Analysts noted that the delay in his tour was unusual given the historical relationship between both the nations. In the past, India extended economic assistance to Sri Lanka, providing a lifeline during times of financial crisis.
High Commissioner of India in Sri Lanka, Gopal Bagle, who attended the event, expressed that the Indian government and the Indian business community have played a crucial role in helping the neighboring country recover from the financial crisis of the previous year.
In conclusion, President Wickremesinghe’s remarks signify Sri Lanka’s openness to considering the Indian Rupee as a common currency and highlight the significance of the bilateral relationship between Sri Lanka and India.
For more such news stay tuned to FELA News!
