India is out of US currency monitoring list

The US has removed India’s name from its list of currency manipulators globally, showing confidence in India’s forex policies and clearing it of alleged involvement in measures like currency devaluation for export gain. According to Axis Bank chief economist Saugata Bhattacharya, India did not qualify for the list on at least two of the three criteria. India was first included in the list in 2017.

A group of US lawmakers have already cautioned the Trump administration on the possible impact of withdrawing GSP benefits on US exports to India. However, experts are divided on whether this will set a positive tone for US-India trade negotiations.