the director of research at the jerome levy forecasting center. thank you for coming.e rupee doesn't have much of an international role. what does it take? we hear all the time about the u.n.. what does it take for central banks to want to hold a currency and become an international currency? day,: at the end of the most of the currencies that are theed hard currencies, dollar, the u.k. pound, the japanese yen, the euro -- what are the characteristics of developed countries? they have financial products and markets. there are investors that hold real estate, of course, but central banks are holding treasury bonds. stock and that security, for the fact that you need financial markets. joe: what is india doing now? , whatece that you wrote is india doing right now that is setting the stage? srinivas: the key aspects of what creates the market, you have a lot of formal financial activity. most economic activity takes place in the formal sector. under the table, cash activity is low. the transactions are cash. the first thing the government has done is to try to formalize