The newspaper “Indian Express” wrote that India expects to double the volume of trade exchange with Russia, including through settlements in national currencies.
The newspaper quotes the results of the Russian-Indian summit held in September last year: “Based on the comments of various exporters and commercial institutions, the Indian Ministry of Commerce expects to double the volume of trade between India and Russia in the near future. future, and this will be facilitated by the use of the Indian rupee in payments.”
This week, the Indian government decided to use the rupee for settlements in international trade. The Indian Ministry of Commerce said the decision is aimed at facilitating international exchanges in rupees, given the growing interest in turning the Indian currency into an international currency.
The volume of trade between Russia and India has increased significantly in the last stage, due, among other things, to the rapid growth of Russian oil supplies to India. The share of Russian oil in total Indian consumption rose to 22% compared to less than 1% in the past. In September last year, Russia became the largest supplier of oil to India.
Source: RIA Novosti