Moscow and New Delhi transitioning to trade in national currencies - Indian ambassador

Thursday, 25 February 2016 12:15

India and Russia are developing a road map for mutual settlements in national currencies which could open prospects for both countries, India’s Ambassador to Russia Pankaj Saran told RIA Novosti on Wednesday.

"Transition to mutual settlements in national currencies of the BRICS looks promising. Russian and Indian companies are interested in using national currencies in trade settlements,” he said, adding that there is already a mechanism in place for them to use. According to the ambassador, New Delhi and Moscow aim expanding economic and trade cooperation. They have already chosen priority sectors such as agriculture, pharmaceuticals, jewelry, technical equipment and machinery, oil and gas, and textiles.

During Prime Minister Narendra Modi’s visit to Moscow in December, the two countries set a goal of tripling trade to $30 billion over the next ten years and significantly boost mutual investment.

They also signed a number of multi-billion dollar defense and nuclear energy deals. India has approved the purchase of five S-400 air defense systems from Russia which is part of the biggest arms deal between the two countries in a decade.

Moscow said it will supply India with 10 million tons of oil annually in the next 10 years and build at least 12 new nuclear reactors by 2035.

https://www.rt.com/business, 25.02.2016

Popular articles

12 April 2017

Message by H.E. Mr V. Putin on the...

Moscow, Kremlin April 13, 2017     Esteemed Mr President, Esteemed Mr Prime Minister, Kindly accept my cordial greetings on the occasion of the 70th...
11 August 2017

CONGRATULATIONS BY THE RUSSIAN PRESIDENT H.E. VLADIMIR PUTIN...

ESTEEMED MR PRESIDENT, ESTEEMED MR PRIME MINISTER, KINDLY ACCEPT MY CORDIAL CONGRATULATIONS ON THE 70TH ANNIVERSARY OF INDIA’S INDEPENDENCE. OVER THE...
24 April 2017

On the lecture of Dr Anton Khlopkov, Director...

On April 20, 2017 Dr Anton Khlopkov, Director of the Centre for Energy and Security Studies, Russia, gave a talk on disarmament and non-proliferation...
Emergency phone number only for the citizens of Russia in emergency in India +91-81-3030-0551
Address:
Shantipath, Chanakyapuri,
New Delhi - 110021
Telephones:
(91-11) 2611-0640/41/42;
(91-11) 2687 38 02;
(91-11) 2687 37 99
E-mail:
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.