- 05 ( 16. 0 per cent in 1999 - 2000 ) and 20. 1 per cent of total indian imports ( 16. 2 per cent in 1999 - 2000 ). in 2004 - 05, china has emerged as the second major export destination for india after the us and it has now become the largest source of imports for india, surpassing the us. exports to china surged by 81 per cent in 2004 - 05, while imports from china increased by 67 per cent reflecting growing trade relations between the two countries. a similar trend was noticeable vis - a - vis the asean - 5 ( singapore, thailand, malaysia, indonesia and the philippines ), but going forward there is vast scope for further expansion in trade with these countries. in a way, the increasing openness of the indian economy to the external sector in recent years reflects its expanding economic relationships with rest of asia. in recognition of the growing importance of asian countries in india's foreign trade, the series of nominal and real effective exchange rate indices released by the reserve bank have been revised to include chinese renminbi and hong kong dollar in the weighting scheme. japan being already included, the representation of asian economies has increased to three out of the total of six countries. highlights of india's performance in november 2005, minister mentor lee kuan yew, the widely admired former prime minister of singapore, said in the 37th jawaharlal memorial lecture : “ when i published the second volume of my memoirs in 2000, i wrote that india is a nation of unfulfilled greatness. its potential has lain fallow under used ”. “ i am happy to now revise my view – nehru ’ s view of india ’ s place in the world and of india as a global player is within india ’ s grasp. ” while the change in india in the past five years seems dramatic, indeed, it is not discontinuous. first, india as a nation has been diligently working over half a century to realize the dreams at the time of its independence. second, the domestic deregulation of 1980s and economic liberalisation of 1990s helped acceleration of growth. third, perhaps, the world is appreciating india and its progress better now than before. the three salient features in india ’ s economic performance over the period 1980 - 2000, as mentioned by several analysts, have been a high growth of output per capita, surpassed only by china and east asian countries ; a very stable output per capita

##ised deposits and cbdcs. the platform for our explorations in programmable money is project orchid, which has introduced the concept of " purpose - bound money ". purpose - bound money enables senders to programme conditions on a digital singapore dollar that may be used by its recipients. rather than debate the pros and cons of retail cbdcs, we have taken the approach of asking ourselves what are the purposes we want to achieve with programmable money, and working from there. project orchid released its first report earlier this week, which identified four promising areas for application of programmable or purpose - bound money in singapore. incorporating purpose bound money to the existing government voucher system, to streamline settlement processing – govtech and dbs bank are piloting this ; commercial vouchers which can be used at specified outlets – temasek, fazz financial, and grab are testing this ; government pay - outs to recipients who do not have a bank account – ocbc bank and cpf board will be conducting a trial ; and disbursing grants to training providers automatically when specified conditions are met, without the need for manual verification – uob bank and skillsfuture singapore will be testing this using smart contracts. mas and the industry will further sharpen our capabilities in programmable money. 6 / 11 bis - central bankers'speeches we will improve the user experience, strengthen security and privacy, and increase accessibility to broader segments of the population. growing like wood - tokenised assets ( project guardian ) the fourth desired outcome is tokenised assets. while cryptocurrencies have been the rage among the media and public, astute industry players know that the real innovation with vast potential is tokenisation. tokenisation involves using a software programme to represent the ownership rights over any item of value as a digital token or asset. when deployed on distributed ledgers that are secured by encryption, digital assets are referred to as crypto assets. when they are used as a medium of exchange, people call them cryptocurrencies. and we have seen how volatile their values can be and how badly hurt retail investors who buy them can be. asset tokenisation has transformative potential, not unlike securitisation 50 years ago. one, it allows high value financial and real economy assets to be fractionalised and exchanged over the internet on a peer - to - peer basis two, it allows the assets to be traded securely and seamlessly without the need for intermediaries