India central bank governor has proposed that countries with excess rupees from their Indian exports can invest the funds in Indian government bonds. The initiative is part of a broader strategy to internationalize the rupee, reducing India’s demand for USD and providing an alternative currency for trade to nations facing a USD shortage. Despite accumulating billions of rupees, countries such as Russia and others in Africa, the Gulf region, Sri Lanka, and Bangladesh have found minimal use for them, leading to a slower-than-expected uptake of the strategy.