India looking at rupee-ruble trade: Sitharaman

 

St. Petersburg, June 19 (IANS) Indian Commerce Minister Nirmala Sitharaman said on Friday the government actively considering the possibility of rupee-ruble trade with Russia as well as barter trade in commodities.

Interacting with a Confederation of Indian Industry delegation that she is leading at the St. Petersburg International Economic Forum being held over June 18-20, Sitharam said the Russian government was keen to engage with India and Indian businesses more aggressively, said a CII release.

“Some of the issues raised the meeting included the possibility of rupee-rouble trade, financing for oil trade, barter trade in commodities, among others,” it said.

In September last, a decision was taken to create a Russian-Indian group to develop mechanisms for the use of national currencies in mutual settlements.

One of the difficulties to resolve in this regard is that Russia has not yet been able to organize exchange trading of the Indian currency, as it has already achieved with the Chinese yuan.

The CII on Friday also signed an MoU with the Russian Chamber of Commerce and Industry to strengthen bilateral economic cooperation.

Members of the delegation who shared their business interests and activities in Russia included Essar, Sun Group, Dr Reddys Labs, L&T, Rajshree Sugars and Chemicals, Asia Motor Works, M3M, Innovest India, among others, CII said.

Meanwhile, Russia’s biggest innovation fund, the Skolkovo Foundation – with which India’s leading medical new molecules maker, Glenmark Pharmaceuticals, signed an agreement earlier this month – on Friday inked a landmark pact with IT giant IBM to set up a personalized medicine platform in Russia for extending the healthy productive lives of patients with cancer and other age related diseases.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here