GIVEN THE POTENTIAL THAT EXISTS BETWEEN EU AND INDIA IN TRADE, INVESTMENT AND SERVICES, I DO FEEL THAT THE ADVENT OF THE EURO HAS MAJOR IMPLICATIONS IN FACILITATING THE GROWTH PROCESS IN THESE AREAS. TODAY, EURO IS ALREADY IN USE DURING TRADING, THOUGH THE PERCENTAGE OF THE TRADE IN EURO VARIES WIDELY AND IT IS ESTIMATED THAT IT IS WITHIN A CLUSTER OF 10-30% OF INDIA’S TRADE WITH EU. THE EURO HAS ALSO PROVIDED A UNIQUE OPPORTUNITY FOR INDIAN COMPANIES TO INCREASE THEIR EXTERNAL COMPETITIVENESS. THIS WOULD REQUIRE CHANGES IN THEIR LEGAL INSTRUMENTS FOR NEWER CONTRACTS TO BE DRAWN IN EURO, ORGANIZATIONAL
RESTRUCTURING IN CASH HANDLING SYSTEMS AS ALSO THE REQUISITE SOFTWARE CHANGES IN THEIR ELECTRONIC DATA INTERCHANGE SYSTEMS.