India will increase its trade with Russia

2022-11-14 05:10:09

(MENAFN) The Indian Express reported on Sunday, noting the minutes of a recent high-level meeting between Russian and Indian officials, that India is eager to double its trade with Russia despite calls from Western states to join their anti-Russia penalties regime.

Based on the document, which the news source cited “the department of commerce mentioned that it was ready to support the initiative, and on the basis of feedback from various exporters and business entities, it was confident of doubling India-Russia trade within the near foreseeable future.”

The study claims that Indian officials think using the rupee for commercial settlements is going to increase cross-border trade. Due to the major lender State Bank of India's agreement to support the new mechanism back in September, the nation is anticipated to soon begin transacting with Russia in rupees. Additionally, the Indian Ministry of Commerce and Industry reported earlier this week that the country's government had officially permitted payments for international trade to be made in Indian rupees.

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