1999 to 2022 to the 2040s

economictimes.indiatimes.com:

macroeconomic transformations happen over years and it takes time for the results to be visible… The RBI move in July 2022 to allow international trade in the rupee is not sudden. It is a   well-planned and a well-timed one. This move could be the beginning of a new journey for the rupee — to become an international currency and gain the status of a global (reserve) currency.

Flashback 1999. The Foreign Exchange Management Act 1999 (Fema) replaced the prohibitive and restrictive Foreign Exchange Regulation Act (Fera) 1973. Since Fema's enactment, the country's economy has witnessed continuous progress and liberalisation in the foreign exchange regime.

The move was a game changer and resulted in a major mindset shift — a nation that believed 'it cannot be done, except for few things' moved to 'it can be done, except for few things' on the foreign exchange front. Fast forward to 2022. India is a $3.3 trillion economy, poised to become a $5 trillion economy by 2026-27, and then likely to double in size to $10 trillion by 2032-35.