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    Economy of India

    Kiko
    Kiko


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    Post  Kiko Thu Jun 22, 2023 8:47 pm

    India taking rupee global to grab piece of dollar trade – ex-central banker, by Joydeep Sen Gupta, Asia Editor.

    The move could ease settlements with countries with low US currency reserves.

    The Indian rupee’s global ambitions could ease trade settlements with other nations, a former official from the country’s central bank has said.

    Asia’s third-largest economy, and one of the world’s fastest growing, is pivoting away from its dollar dependency to ensure its foreign exchange reserves remain stable. Last month, India’s forex reserves edged up to nearly $600 billion, a one-year high.

    “India is trying to make the rupee easier to be a currency of transaction and payments with its partners for its own trading needs,” Usha Thorat, a former deputy governor at the Reserve Bank of India (RBI), said in an interview with Bloomberg’s Rishaad Salamat and Haslinda Amin on Thursday. She claimed, however, that “India is not aspiring to make the rupee a reserve currency.”

    The use of the rupee as a trade settlement alternative augurs well for countries facing a shortage of the greenback in Asia, Africa and beyond, while a paradigm shift in policy mechanism could shield Indian trade and businesses from exchange risks amid global volatility.

    Thorat, who served at the RBI for five years until 2010, also weighed in on India’s global trade prospects, and said its current share of world trade, both exports and imports, is around 7%. “Similarly the share in financial flows is also around the same. It will take a long time for India to get a dominant position in global trade,” she added.

    However, earlier this year, M Rajeshwar Rao, a deputy governor of the RBI, insisted that India needed to gear up to manage the inevitable volatility that would emerge in the foreign exchange market as the country progresses further towards internationalization of the rupee.

    “It is now widely accepted that while internationalization and a freer capital account comes with its own set of benefits, it is not without risks,” he warned. Rao did not elaborate on how to manage the dangers, but explained that “freer capital flows come with their own set of challenges, the primary one being that of volatility and we need to gear up to manage that.”

    Meanwhile, India’s rupee trade settlement mechanism, which was set up by the RBI last July, is attracting several countries. Russia has pivoted towards this payment arrangement following US-led Western sanctions imposed after Moscow launched its military operation in Ukraine.

    The de-dollarization bid is a win-win for countries such as sanctions-hit Russia and bankrupt Sri Lanka because it saves conversion expenses and acts as a buffer against foreign exchange rate fluctuations.

    So far, 35 nations have expressed interest in better understanding the rupee trade mechanism. The rupee’s bid to become an international currency is likely to reduce India’s growing trade deficit, which stood at $22.12 billion until last month, and also make it stronger in a global market that is facing hyperinflationary headwinds from the West since the Ukraine crisis erupted.

    According to the RBI, trade settlement in rupees would reduce dependencies on fully convertible currencies such as the dollar, euro and yen. The Indian rupee’s globalization move could not have been timed better as there has been a significant jump in trade in oil and other commodities in currencies such as the Chinese yuan and the UAE’s dirham.

    https://www.rt.com/india/578476-rupee-global-currency-dollar/

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    sepheronx
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    Post  sepheronx Fri Jun 23, 2023 12:25 am

    As was mentioned with issues with Russia, India needs to actually provide something to the world besides bullshit, to make the rupee worth to trade for. Russia has so much rupees that they don't want more and seeking other currencies instead.

    Sorry India, but you actually need to do something of value rather than slapping together western and eastern stuff in attempts to make something "their own". Maybe expand Tata motors to other countries, expand your telecom to outside besides African countries. Invest in countries like Russia, Brazil, Indonesia, Venezuela, etc. Otherwise, you will always be a lapdog to someone else.

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    Kiko
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    Post  Kiko Fri Jun 23, 2023 11:07 pm

    Russia-India trade 'thwarts Western attempts to crush Russian economy', 06.23.2023.

    The trade between India and Russia reached $44.4 billion in 2022-2023, making Moscow the fifth largest trading partner of New Delhi. Several experts tell Sputnik that the economic partnership of the two sides thwarted Western attempts to crush the Russian economy.

    The governor of the Reserve Bank of India, Shaktikanta Das, recently estimated that the country is on track to achieve a similar Gross Domestic Product (GDP) rate also in the next fiscal year. His statements come at a time when India became the fastest growing economy in the world, reaching a rate of 7.1% in 2022-23.

    In this regard, the professor of the Center for International Trade and Development of Jawaharlal Nehru University (JNU), Amit Shovon Ray, says that this trend is largely due to the growing trade between India and Russia. Calling the development "one of the most significant and commendable foreign policies" adopted by India in a long time, Ray states that this political action generated huge economic benefits for the country.

    "It has also firmly established India's global position as a key strategic actor in maintaining the global balance of power, which was tilting disproportionately towards a unipolar axis revolving around the US and its allies after the end of the Cold War," the JNU professor tells Sputnik.

    He added that India's action successfully thwarted the Western world's attempts to crush the Russian economy by imposing sanctions, especially on the import of crude oil, which provides the Russian economy with large revenues.

    "Needless to mention, these sanctions have also hurt the EU, as they have cut off its main source of crude oil supply, which has led to strong upward pressures on fuel prices," Ray explains.

    According to him, New Delhi's actions have made it possible to import crude oil from Russia, refine it in India and export it to Europe, which "has created a beneficial situation for all three parties." has led to strong upward pressures on fuel prices," Ray explains.

    "There is no doubt that the Ukrainian conflict and its aftermath have led to the creation of new perspectives in global alliances and India has positioned itself as a key player in this process. This is undoubtedly a phenomenal achievement of the current Indian Government," Ray summed up.

    The impact of trade between New Delhi and Moscow

    For his part, the former head of the leading New Delhi-based financial institution, the Indian Institute of Foreign Trade (IIFT), Dr. Manoj Pant, also praises the current success of India, which is lending a helping hand to the Russian economy. To the question of whether Moscow had any role to play in Indian growth, he answers in the affirmative before mentioning that the role at the moment was quite significant.

    "Because, usually, Indo-Russian trade is around 10,000-12,000 million dollars, which has soared to 44,400 million [dollars] recently. But it is entirely due to New Delhi's oil and exports to Russia, which Moscow otherwise used to get from elsewhere. So it has helped us, maybe by one or two percentage points," says Pant.

    Pant even acknowledges that downgraded Russian oil had helped Narendra Modi's government to keep inflation under control.

    "I don't know the exact figures, but I think that at least 0.5% of inflation is due to the increase in the price of oil, which purchases of Indian crude from Moscow have kept under control," he says.

    Undoubtedly, he adds, Russian crude imports have been advantageous for India because the government has been able to contain the oil price and might even reduce it in the near future. Pant points out that trade between the two countries has benefited both sides because Russia has obtained consumer goods that it cannot obtain elsewhere and "we have obtained oil cheaper than in other markets"

    "In addition, Western sanctions have not affected Russia because the Eurasian nation has all consumer goods: wheat, barley, vodka, gas and oil in abundance. Therefore, the sanctions imposed by the United States do not affect so much," he concludes.

    Yandex Translate from Spanish

    https://sputniknews.lat/20230623/el-comercio-entre-rusia-y-la-india-frustra-los-intentos-occidentales-de-aplastar-la-economia-rusa-1140877980.html

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    flamming_python
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    Post  flamming_python Sat Jun 24, 2023 9:36 pm

    sepheronx wrote:As was mentioned with issues with Russia, India needs to actually provide something to the world besides bullshit, to make the rupee worth to trade for. Russia has so much rupees that they don't want more and seeking other currencies instead.

    Sorry India, but you actually need to do something of value rather than slapping together western and eastern stuff in attempts to make something "their own".  Maybe expand Tata motors to other countries, expand your telecom to outside besides African countries. Invest in countries like Russia, Brazil, Indonesia, Venezuela, etc.  Otherwise, you will always be a lapdog to someone else.

    They can offer bonds or long-term investments, corporate shares and so on if Russia doesn't want anymore rupees on tap. Or they can buy that oil from Russia on a loan to be paid off later with a BRICS currency or some such and a little bit of interest.

    I'm sure that would be acceptable to Russia too. India is an up and coming country with the investments into which will pay off.

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    Kiko
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    Post  Kiko Sun Jun 25, 2023 8:57 pm

    Not sure where to place this, so I'll insert it here since it deals with India's soft power.

    Modi’s yoga charm offensive is an ode to India’s soft power, by Joydeep Sen Gupta, Asia Editor. 06.25.2023.

    The Indian PM led from the front at a record-breaking multinational event on International Day of Yoga at the UN

    Even before Indian Prime Minister Narendra Modi took office in 2014, he made an impassioned plea to the New York-headquartered UN General Assembly (UNGA) to declare June 21 International Day of Yoga, a motion that was eventually adopted without a vote.

    Modi, who belongs to the right-wing Bharatiya Janata Party (BJP), which is seen to champion the cause of the country’s majority Hindus, was thinking of tapping yoga to promote India’s soft power – the global manifestations of which up to now have been largely limited to Bollywood – long before he got an opportunity to lead the country.

    What is yoga?

    The word yoga traces its origin from the Sanskrit word ‘yuj’, which loosely translates to ‘unite’ in English. Yoga conveys a sense of union – the linking or joining of the individual self with the higher self.

    According to some archeological finds, yoga-like practices of meditation may have existed as early as the India Valley Civilization (circa 3500-1500 BCE) in the northwestern regions of South Asia. The theory and practices of yoga were codified in the Yoga Sutras compiled by the Hindu author, mystic, and philosopher, Patanjali. These texts are dated by various scholars from the first to the fourth century CE.

    Thousands of years later, and with the practice having spread globally, modern yoga is vastly different from the way people practiced it in ancient times.

    Modern-day yoga started when it made its way into the Western world. The year 1893 is seen as the start of this period, when a Hindu monk named Swami Vivekananda lectured about yoga at the Parliament of Religions in Chicago. Later, hatha yoga, a branch of yoga that focuses on physical techniques, gained global traction, and eventually became what Westerners generally mean when they say ‘yoga’ today – a system of physical exercises.

    Yoga hit the mainstream in the West after Indra Devi’s Hollywood yoga studio in 1947 started training celebrities. Devi, born to a Russian noblewoman and a Swedish banker in Riga, Latvia, was an early disciple of the ‘father of modern yoga’, Tirumalai Krishnamacharya, and is credited with popularizing yoga far and wide until her death in Buenos Aires, Argentina, at the age of 102 in 2002.

    Modi’s yoga push

    The Indian prime minister’s ascetic upbringing in the austere Hindu way as practiced by the Rashtriya Swayamsevak Sangh – the ideological parent of the BJP – made him an avid yoga practitioner, and his immense social media outreach helped him unleash the power of yoga on a global stage. He has a whopping 89.4 million followers on Twitter, putting him among the top ten most-followed people in the world.

    Modi has relentlessly propagated yoga during his foreign trips – especially in the West – to talk up the mysticism of India’s cultural export. He cited how yoga is about “harmony between man and nature; a holistic approach to health and wellbeing. It is not about exercise but to discover the sense of oneness with yourself, the world and nature.”

    Yoga is at the heart of a sustainable way of life as well, Modi believes. “By changing our lifestyle and creating consciousness,” he suggested, yoga “can help us deal with climate change,” he said.

    The politician in him has come to the fore as he harnessed the ancient practice to bond with his global counterparts, spread yoga as a tool of India’s soft power in the over 180 countries that have marked International Day of Yoga since its adoption in 2015, and boost the country’s foreign policy outreach and stature, which currently stands at once-unimaginable levels.

    Shades of gimmickry?

    While Modi’s enthusiastic use of yoga has won him the hearts and minds of foreign dignitaries, it has also created a flutter among his domestic constituency. The tactics, at times, have bordered on gimmickry, according to his critics, who often accuse him of playing to the gallery.

    In the pre-Covid-19 pandemic era, each year’s International Day of Yoga had its Modi yoga moment, some of which went viral. For instance, in 2018 he posted a two-minute video on Twitter that depicted him doing yoga poses in a garden, leading to a meme fest on social media.

    In 2019, Modi was seeking re-election for a second consecutive term. After the seven-phase, he sought privacy amid a publicity blitzkrieg and retreated to a cave in Kedarnath in the Himalayas ostensibly to meditate in isolation. The nation and beyond got a glimpse of his solitude while practicing yoga, thanks to a camera crew that relayed live visuals.

    In 2020, June 21 was reserved for a tech show. The images, which were put out on Twitter, showed an animated version of Modi striking various yoga poses.

    Imposition of a Hindu ritual?

    Modi’s cabinet colleagues have been accused by government critics of having mixed up a healthy way of life with religious connotations, including sun salutations and chanting Sanskrit verses that are considered holy in Hinduism, the majority religion in India that is followed by over 80% of the country’s 1.4-billion population.

    Some BJP-ruled states have even sought it make yoga mandatory in schools. The move has been resisted by the overwhelming majority of Muslims, India’s largest minority, who feel oppressed by the rise of Hindu nationalism. A bid to make sun salutations optional has failed to assuage the Muslims’ anger amid a growing polarization. And often the healing touch of yoga has been lost in political slanging matches, where communal divisions have triumphed over its universal appeal.

    Onwards and upwards

    Whatever the controversy back home, none of it was visible in New York during Modi’s first state visit to the US this past week. There, he hosted a group yoga session for diplomats on the lawn of the UN headquarters in Manhattan.

    Contrary to what his critics maintain, the Indian prime minister emphasized the nondenominational aspect of the practice, which traces its origin back to the immersive spiritual experiences of Hinduism. The event, set for a multinational crowd, celebrated inclusivity, in line with the Indian leader’s bid to use yoga to pander to the international community and woo voters back home. Modi himself performed a plethora of poses from the cobra to the downward dog to the warrior to the corpse.

    Modi made yoga cool

    Any Western fitness enthusiast will likely recognize all those poses. Through the years, yoga has become a happy blend of the Orient and the Occident, even though the West regards it largely as a physical exercise, not much different from other ways of breaking a sweat to keep oneself fit. Indians have a more granular feel of yoga because they feel its postures and Sanskrit chants are inextricably linked to Hindu connotations.

    Contrary to popular perception, Modi is not the first Indian leader to promote yoga. His connection to yoga, however, is much less controversial than Indira Gandhi’s, whose yoga instructor, Dhirendra Brahmachari, claimed quite a lot of influence, both advising her on policy decisions and carrying out some of her orders. Known as the ‘flying swami’, he was implicated in a few corruption scandals, including smuggling an airplane from the US without paying customs duties. Perhaps ironically, he died in a plane crash.

    Modi’s guru is Bengaluru-based HR Nagendra. He is also known to draw his inspirations from other popular yoga exponents and gurus such as Baba Ramdev, Sri Sri Ravi Shankar, Jaggi Vasudev, and Mata Amritanandamayi Devi.

    “Yoga comes from India and it is a very old tradition. Yoga is free from copyrights, free from patents, and free from royalty payment. Yoga is unifying; it is for everyone, for all ethnicities, for all faiths, for all cultures. Yoga is truly universal,” Modi told the New York gathering on this year’s International Day of Yoga. It’s an ennobling thought that has come in handy for the Indian leader, whose prospects at the polls look invincible ahead of a key election next year, thanks in part to his use of yoga both as a personal daily practice and a publicity tool.

    The New York yoga session set a Guinness World Record for the most nationalities – 135 – taking part in a single event of this kind. It drew actor Richard Gere, singer-actor Mary Millben, UNGA President Csaba Kőrösi, and UN Deputy Secretary-General Amina Mohammed, among other dignitaries. UN Secretary-General António Guterres, who was at a conference in Paris, sent in a video greeting for the occasion.

    It was India’s day under the sun, and the credit goes to the prime minister for channeling an ancient pursuit of inner tranquility in a world torn asunder by violence, poverty, and hunger – for his own electoral prospects, his country’s diplomatic outreach, and the greater good.

    https://www.rt.com/india/578652-modi-international-yoga-day/
    Kiko
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    Post  Kiko Mon Jun 26, 2023 11:20 am

    Will America be able to take India away from Russia, by Bala Venkatesh Varma, Indian Ambassador to Russia 2018-2021 for Kommersant. 06.26.2023.

    The state visit of Indian Prime Minister Narendra Modi to America was the main world news last week. Narendra Modi was received with great warmth by President Biden and honoured for the second time in history to address a joint session of the US Congress. He also spoke to a very influential Indian community and took part in the International Day of Yoga celebrations at the UN. In a joint statement, the parties announced a comprehensive and global strategic partnership. Both symbolically and in terms of content, the visit was a huge success.

    Indian-American relations no longer aggravate the problems of the past, they are turned to the future. The US recognizes India's potential as a world power under Modi and its importance to the balance of power in Asia, where an assertive China is increasingly active. The United States agreed to transfer high technology to India, begin production of General Electric F414 aircraft engines and sell it unmanned aerial vehicles MQ-9B. The cooperation program in high-tech areas such as artificial intelligence, space, green technologies, microchips and semiconductors is very ambitious.

    The US is now ready to do for India what it reserves only for its closest allies.

    What does all of this mean? For India, which values ​​its independence more than anything else, this is a demonstration that the multipolar world works in its interests. For India's growth and security, the US will be an important partner. The Indian private sector, an active participant in defence joint ventures, is a new and powerful stakeholder in these projects. All this means that US relations with India in the next decade will be different from those of the last decade.

    This is a trend that Moscow cannot ignore.

    Of course, it's no secret that the US is seeking to "excommunicate" India from its strong defense relationship with Russia, which has been building up over many decades. But this is not an easy task. In the Russian-Ukrainian conflict, India does not follow the US line. India also said "no" to being included in the list of the NATO plus five group presented by the US Congress. India stands up for itself, stands for peace and development, and is highly respected in the global South.

    Indo-Russian relations are so deeply rooted that they are not easily torn out of the ground. There are many excellent examples of cooperation between India and Russia - BrahMos, nuclear submarines, S-400 anti-aircraft missile systems.

    They say that one old friend is better than two new ones. Our relationship of special and privileged strategic partnership is based on a solid foundation of common interests and mutual trust. But we cannot rest on the laurels of the past. Trade, energy, defense, high-tech cooperation, in multilateral fora such as BRICS, SCO, G20 and the UN all need new dynamism. Both Delhi and Moscow will need to draw on the unique strengths of their historical relationship to secure their interests in a rapidly changing world. The fate of multipolarity depends on how successful their actions will be. But will they achieve this success? This is a big question.

    https://www.kommersant.ru/doc/6067990

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    GarryB
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    Post  GarryB Mon Jun 26, 2023 12:07 pm

    The state visit of Indian Prime Minister Narendra Modi to America was the main world news last week. Narendra Modi was received with great warmth by President Biden and honoured for the second time in history to address a joint session of the US Congress. He also spoke to a very influential Indian community and took part in the International Day of Yoga celebrations at the UN. In a joint statement, the parties announced a comprehensive and global strategic partnership. Both symbolically and in terms of content, the visit was a huge success.

    Indian-American relations no longer aggravate the problems of the past, they are turned to the future.

    Hahahaha... of course the Americans are keen to look to the future and forget the past because in the past they have been total bastards to Democratic India and in the past have had good relations with both Communist China (to hurt the Soviet China relations) and Pakistan (because India was friendly with the Soviets too).

    But not just that... what about an earlier visit by Modi to the US...

    Sujoy
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    Post  Sujoy Mon Jun 26, 2023 6:48 pm

    flamming_python wrote: They can offer bonds or long-term investments, corporate shares and so on if Russia doesn't want anymore rupees on tap. Or they can buy that oil from Russia on a loan to be paid off later with a BRICS currency or some such and a little bit of interest.

    I'm sure that would be acceptable to Russia too. India is an up and coming country with the investments into which will pay off.
    Sberbank has opened their first branch in India

    https://www.sberbank.co.in/

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    Kiko
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    Post  Kiko Mon Jun 26, 2023 8:09 pm

    White House backs Indian purchases of Russian oil, 06.26.2023.

    Washington still hopes New Delhi will support price caps on the sanctioned country’s crude.

    The US has no objection to India’s purchases of oil from Russia but it hopes that the South Asian nation will continue to benefit from the price ceiling set for it by Western allies, according to National Security Council spokesman John Kirby.

    “India has to make its own choices about oil purchases,” Kirby said during a White House Press briefing last week. “And we hope that we can continue to see that they purchase Russian oil at or below the price cap, as they have been.”

    The US and its allies have taken several steps in an attempt to reduce Moscow’s oil revenues as part of Ukraine-related sanctions.

    In December, the EU and G7 nations introduced a collective ban on any Russian seaborne oil exports bought for more than their price cap of $60 per barrel. Another embargo, banning almost all imports of Russian oil products and introducing price caps on diesel and other petroleum products, kicked in on February 5.

    In response, Moscow redirected most of its oil flows to Asia, particularly to India and China, having negotiated payment settlements in currencies other than the US dollar as sanctions effectively cut Russia off from the Western financial system.

    India has resisted pressure from the US and Europe to fall in line with Western sanctions on Moscow. It has also refrained from condemning the Russian military operation in Ukraine at the United Nations.

    The world’s third-biggest oil consumer, India started boosting purchases of Russian crude after the Western embargo and price caps were introduced. Its imports of Russian seaborne crude oil have reportedly risen tenfold in the financial year ending March 31.

    https://www.rt.com/business/578714-india-russia-oil-imports-us/

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    Kiko
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    Post  Kiko Mon Jun 26, 2023 11:04 pm

    Should Russia be afraid of India, by Timofey Bordachev (Programme Director of the Valdai Club) for VZGLYAD. 06.26.2023.

    India is well aware that the United States is not a reliable strategic partner, easily abandons its allies in a difficult situation and can bring old claims to the surface at any moment. But now America needs to show at all costs that its good relations are not limited to a narrow circle of faithful satellites.

    The Indian Prime Minister's visit to Washington last week looked like a complete triumph - and could prove to be a great achievement for Indian diplomacy. The United States, like the West as a whole, is weakening rather quickly and therefore is trying to seize every opportunity to confirm its role in international politics. For India, this desire provides a great chance to get, at least in part, what the West has never been ready to share - modern technologies and investments in the Indian economy.

    Does this pose a threat to Russian interests? Absolutely not, because it will not affect our relations with India or the establishment of a multipolar world order. The first is important for Russia's current foreign economic relations in the face of sanctions from the West, and the second is for realizing our ideas about a more just global order.

    One can be sure that Delhi is not going to become Washington's junior partner. In the United States itself, of course, they are counting on this: they are looking for a “ram” that could be used against China. It is the Celestial Empire that is Washington's main adversary, and American strategists are trying to find the strength to achieve proxy victory. But there is no reason to think that this is part of the plans of the Indian leadership. Moreover, he faces tasks of a truly epic scale - to pull hundreds of millions of compatriots out of poverty.

    And for this we need to try to repeat what China did 50 years ago: to get money and technology from the West. Their India is still critically lacking. To achieve this goal, the Indian Prime Minister is ready to do a lot. Except for doing what the Americans themselves would really want from him.

    The biggest achievement of the Washington meeting for the US is the decision on the possible opening of a repair base in India that will provide services to the US Navy. But it is unlikely that we can talk about the deployment of the US military in the country. Narendra Modi's game will be much more difficult than what the United States is used to in dealing with developing countries. It is unlikely that anyone in India is going to turn their territories into a potential object of attack by US enemies in India. Therefore, Indians will limit themselves, if the plan comes to fruition, to the provision of services in exchange for which they will receive real economic benefits.

    In the year and a half that has passed since the transition of the Russia-West conflict into an acute phase, India has shown that it is going to be guided only by its own interests in international affairs. Trade between our countries is constantly growing and is gradually acquiring the necessary infrastructure for this.

    A feature of the new trade relations with this country is their independence from international financial institutions controlled by the US and the European Union. First of all, we are talking about the purchases of Russian oil, where India has consistently occupied a leading position over the past year. The expansion of deliveries from the Indian side is hampered by a small number of competitive goods that Delhi could offer the Russian market. Let me remind you that all this is happening at a time when the United States is trying to put pressure on all countries of the world in order to force them to curtail relations with Moscow.

    Politically, we are also more than in order with India. Like all other countries sympathetic to Russia (China is no exception), India is in favor of an early cessation of hostilities in Ukraine. At the same time, the country has never condemned Russian actions, although in 2003 the Indian parliament adopted a special resolution condemning the actions of the United States and allies in relation to Iraq. Delhi values ​​the political dialogue with Moscow and is not going to correct its behavior at all. First of all, because independent foreign policy decisions are fully consistent with the Indian vision of its position in the world. But no less important is the fact that no one in Delhi feels trust in the United States, like in the rest of the West. And Russia, with all our difficulties, has never created grounds for distrust in itself.

    With the exception of a small group of states that directly support Russia in its conflict with the West, no one is going to give up their development goals for us. Moreover, all of them are striving to get the maximum benefit from the emerging conflict in Europe. For India, this is a profitable trade with Russia and a chance to get something from the West, which, like us, finds itself in a difficult situation. A head-to-head showdown between the West and Russia over Ukraine opens up a historic stage in which opportunities for developing countries can grow precisely by maintaining relationships with both bitter adversaries.

    In Delhi, as in many other capitals of the world, such a situation could only be dreamed of for several decades. After the Second World War, control over world politics remained in the hands of the victorious countries. Their conflict among themselves is a field of opportunity for those who have not received sufficient benefits from the most bloody military confrontation in the history of mankind. India, as one of the leading powers in the developing world, is eager to make the most of this opportunity. Especially when you consider that while it is noticeably behind the pace of economic development from another Asian giant - China - and seeks to reduce this gap, relying on all possible external resources. One of these resources has been the sharply increased political importance of Delhi in the last year and a half.

    The Non-Aligned Movement, in which India played one of the leading roles, has always remained in the shadow of the confrontation between East and West during the Cold War. But then its participants could expect to receive some benefits from their neutral position. They did not decide anything in world affairs, but they could maintain relative independence. After 1991, developing countries found themselves in the most difficult position. The "victorious" West no longer had any reason to make concessions to them. The alternative in the face of the USSR disappeared, and control over world finance and technology was completely in the hands of the United States and the European Union. Recall that the Americans once imposed sanctions against Prime Minister Modi himself on charges of “violating religious freedoms” and even denied him the right to enter the United States.

    Now the situation has changed radically. The warm welcome in Washington is not hindered even by India's active trade with Russia, and any reproaches on the issue of human rights in India are put aside. This is perceived in Delhi as a sign of weakness, but also hardly illusory.

    India is well aware that the United States is not a reliable strategic partner, easily abandons its allies in a difficult situation and can bring old claims to the surface at any moment. But now America needs to show at all costs that its good relations are not limited to a narrow circle of faithful satellites. Therefore, they are ready to make not just symbolic gestures, but also promise specific benefits. And then it will be seen that India has long learned that there is a long distance between promises from the West and their fulfillment.

    Relations between India and the United States have entered a new phase. Washington welcomes any, even symbolic, success. In Delhi, they are ready to accept payment for this in the form of investments and technologies. Russia does not need to worry seriously about all this at all.

    https://vz.ru/opinions/2023/6/26/1218303.html

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    Post  Kiko Tue Jun 27, 2023 12:00 am

    Instead of Celso Amorim's Brazil, who's now spitting out niceties to Russia, India should become the lead country of the Global South towards a multipolar world.

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    Post  GarryB Tue Jun 27, 2023 7:29 am

    The US can only ever offer positions at its feet, but BRICS... not Russia... but BRICS offers a seat at the table for every country no matter its size or economy or religion or choice of government.

    The only country that benefits from US rule based order is the US... and even then only 1% of the US does...

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    Post  Sujoy Wed Jun 28, 2023 10:40 am

    GarryB wrote:The US can only ever offer positions at its feet, but BRICS... not Russia... but BRICS offers a seat at the table for every country no matter its size or economy or religion or choice of government.

    The only country that benefits from US rule based order is the US... and even then only 1% of the US does...
    The west, especially the Anglo-Saxons will never consider India to be a partner. Instead as the latest issue of Economist reminds its predominantly White readers that India remains an animal that needs to be tamed by a White man.

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    Post  Kiko Wed Jun 28, 2023 1:38 pm

    India is the third pole of the future tripolar world by Vladimir Mozhegov (publicist) for VZGLYAD. 06.28.2023.

    If the Anglo-Saxons manage to tame India and “return to the stall” of their “rule-based order”, this may close the scenario of a multipolar world that we want to develop today.

    The Atlantic world is looking avidly at India. Once upon a time, India was called the main diamond in the crown of the British Empire. But even today, connected by thousands of threads with the Anglo-Saxon world, it remains the most important "trump card" in the struggle for the future world. In our optics, it is a multipolar world. In the optics of the Anglo-Saxons, this is a world completely controlled by globalism. But what is the world in the optics of India itself?

    Britain has ceded its place to India as the world's fifth economy. Britain has elected the ethnic Indian (and the globalist it has raised to the core) Rishi Sunak as its prime minister. And all this is also, of course, for good reason.

    Indian Prime Minister Modi's visit to the United States is hailed by the American authorities and the global press as a milestone: "This visit will sanctify US-India relations," exclaims Kurt Campbell. From all this, it is not difficult to conclude that the stakes are higher than ever. In today's big game between Russia and China on the one hand and the West on the other, India is the big prize.

    The Anglo-Americans are well aware of the importance of India, they are well aware of the power of this piece on the world chessboard and its key role in the balance of power. For example, the British edition of The Economist unequivocally explains Washington's hospitality: India is the most populous country on the planet, its economy will eventually become one of the three largest. This is not only a huge market, but also a new global factory to replace China. And finally, this is a powerful lever to contain China. And even a direct and most important member of the anti-Chinese coalition.

    At the same time, India itself, despite its apparent strength, is quite vulnerable. Externally, the country is sandwiched between Pakistan and China. It is plagued by internal divisions and economic distortions.

    Let's face it: if the Anglo-Saxons manage to tame India and "return to the stall" of their "rule-based order", this can close the scenario of a multipolar world that we want to develop today.

    And here it is worth looking at the state of affairs in a little more detail. Does India itself want to join this new American order? And what should we do so that she does not want to go there too much?

    First of all, let's look at India's relationship with China. Despite the fact that Indo-China has a common destiny since ancient times, there are long-standing frictions between these two most impressive and populous states of the planet. In the 20th century, these countries made different geopolitical choices. More precisely, they were forced to do it, being placed in different conditions.

    At the beginning of the twentieth century, the only Asian country capable of challenging the Anglo-Saxon world domination was Japan. Japan began its struggle for dominance in the Pacific region under pan-Asian slogans: Anglo-Saxons, get out of Asia! Asia for Asians!

    And if China was not lucky enough to become a victim of Japanese aggression, then in India, which is under the Anglo-Saxon yoke *, Japan's anti-colonial campaign aroused great sympathy. Hence the reverence that surrounds here the name of Subhas Chandra Bose, who, unlike Mahatma Gandhi, chose the armed path of struggle.

    After the war, the Communists came to power in China. The nationalist Kuomintang, which had taken the brunt of the fight against Japan, was driven out to Taiwan. India gained independence, and its foreign policy determined the main vector of the non-aligned movement.

    So India became a kind of third pole between the Anglo-Saxon West, on the one hand, and communist China and the USSR, on the other. At the same time, although outwardly Indian policy has always operated with the rhetoric of peacefulness and non-violence, deep down, Indians believe that Subhas Chandra Bose, who died at the end of World War II, did much more for India's independence. For obvious reasons, after the war, the name of Bose in India was pronounced much more subdued than that of Gandhi. However, the Indians have always been aware of the difference between the two leaders: Gandhi is the path of compromise, Bose is the path of struggle.

    Leaving India, the British, as is their custom, created another hotbed of tension for the country, separating Muslim Pakistan from it. Which today remains the main lever of pressure of the Anglo-Saxons on India.

    As for China, he looks with alarm at the dances of the Anglo-Saxons around India. Thus, a recent editorial in China's central party organ, the Global Times, bears the title "We morally and emotionally support the decolonization of India." 

    The West lives by the rule of "divide and rule", India and China have experienced all the delights of colonialism. The West is trying to drive a wedge between China and India, but its goals are always the same - colonialism. Flattering India, promising to turn it into a "replacement for China", the West wants to drive New Delhi into a geopolitical trap. But China is on India's side. China sympathizes with India's desire to defend its national independence. “Asia and the world are big enough to accommodate the simultaneous rise of China and India,” is the message of the Global Times article.

    So, China and the Anglo-Americans are pulling India in their own direction. But what will India itself say?

    It seems that it will be better for everyone if India stays on its side. Having regained the status it had in the second half of the 20th century. Remain the third pole of power between the West, on the one hand, and Russia and China, on the other.

    At the beginning of the year, the Izborsk Club released a report titled "Arkaim XXI century - the concept of geostrategic strengthening of Russia and its allies", which traces the same key idea: the economic and strategic path North-South (Russia-Iran-India) as an alternative to a unipolar world, and even the bipolar world. Since a third pole is being formed between Russia - China and the West: India and Iran, open to both Arab and North African countries, which in such a configuration of the world will find it much easier to make their choice not towards the West.

    Such a tripolar world will obviously turn out to be much more stable than a bipolar one and much more just than the liberal dictatorship and totalitarian democracy of a unipolar one.

    https://vz.ru/opinions/2023/6/28/1217316.html
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    Post  Kiko Wed Jun 28, 2023 5:47 pm

    Russia covers nearly half of Indian oil imports – Bloomberg, 06.28.2023.

    Moscow's share of supplies to New Delhi in May hit a record high of 46%, tracking data has shown.

    Exports of Russian oil to India reached a new record in May, Bloomberg reported on Wednesday citing ship tracking data.

    Moscow accounted for 46% of India's total oil imports last month, a "staggering leap" from the less than 2% mark imported prior to Western restrictions on purchases of Russian crude, data from analytics firm Kpler showed.

    Shipments from India's traditional Middle Eastern suppliers lagged behind Moscow as New Delhi snapped up Russian oil at hefty discounts, following a $60-per-barrel price cap imposed by Western nations.

    In April, the average cost of Russian crude delivered to India totaled $68.21 a barrel, while Saudi oil stood at $86.96, the outlet said.

    Granted, China too has taken far more Russian crude over the past year, with imports hitting records, but it is India, a strategic US partner, that has stepped in from the wings to prop up the Russian economy," Bloomberg noted.

    However, the outlet pointed out that not all Indian refineries were ready to boost Russian oil supplies as these plants were not designed to process heavier blends of crude.

    "The BPCL refinery in Mumbai, for example, doesn't have a coker — a unit that allows the processing of heavier, sulfurous crude like Russia's — so about a tenth of the crude processed is Russian," an executive at one refinery told the outlet. This is lower than at some of India's newer plants, where the figure is as high as 40%.

    While refinery configuration remains a limiting factor, "right pricing" of oil and capital investment inflows to upgrade the infrastructure could change the situation within three or four years, the outlet said.

    "Indian refiners took the far, far high end and beyond of what we thought would be possible," said Jamal Qureshi, Managing Director for Strategy and Analysis at Petro-Logistics. "They quickly replaced Urals lookalike grades, which we expected, but they've also backed out of other grades beyond that."

    In March, Russia's largest oil producer, Rosneft, signed an agreement with Indian Oil Corp, the country’s top refiner, to substantially increase oil supplies and diversify oil grades delivered to the country.

    Moscow and New Delhi also agreed to use the Asia-focused Dubai oil price benchmark in their latest deal, abandoning the Europe-focused Brent benchmark as Moscow shifts oil sales towards Asia.

    https://www.rt.com/india/578842-india-russia-oil-supplies-hit-record/

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    Post  GarryB Thu Jun 29, 2023 4:45 am

    The west, especially the Anglo-Saxons will never consider India to be a partner. Instead as the latest issue of Economist reminds its predominantly White readers that India remains an animal that needs to be tamed by a White man.

    And that is the point... American and European politicians see India as a weapon they can use against Russia and against China, while their companies and rich and powerful see India as a place to produce cheap tat and 1.5 billion potential consumers and workers...

    They don't want India to grow and develop because they already made that mistake with China... they got their hooks into Russia but Russia still broke free but that process continues to this day because those hooks dug deep.

    Biden might fool the current leadership of India, but eventually the Indian people will realise like the western governments being friends with the US is all about funding and supporting the 1% and for India or any country that is really intolerable.

    That article about India being the third pole... what sort of message for Brazil or South Africa or any other country joining?

    So they are trading the US being the all powerful bully to Russia and India and China taking that role... that guy totally does not understand the idea of BRICS... the future is fully multipole... not one or two or three poles... but one pole for every country that joins BRICS and an extra pole for the US and those at its feet.

    Join BRICS and you keep your culture and language and currency and dignity and remain yourself. Join the US group and learn to love American junk food and do as you are told when you are told... give up your independence and expect to become a small model of the US and learn American Unglush.

    In a few years there will be so many countries in BRICS that you will call it multipolar because each country keeps its independence and can make its own decisions... as shown by the conflict in Ukraine, Russia has not demanded the other BRICS countries give it blind support, and has not made giving them blind support over everything a condition of joining BRICS.

    Compare and contrast with EU or HATO or Quad or other BS western groups and orgs.

    BRICS is trade and politics... open and fair...
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    Post  Kiko Fri Jun 30, 2023 11:19 am

    Putin hails Modi’s ‘Make in India’ as example to follow, 06.30.2023.

    The Russian leader has said New Delhi’s move to boost local manufacturing has worked well for Indian economy.

    Russian president Vladimir Putin has cited India as an example of a country encouraging companies to develop, manufacture, and assemble products locally. He spoke at a forum in Moscow organized by Russia’s Agency for Strategic Initiatives (ASI).

    “Our friends in India and our big friend, Prime Minister Narendra Modi, launched the ‘Make in India’ initiative several years ago. It has had a truly impressive effect on the Indian economy. It would do no harm to emulate what is working well, even if it was not us but our friends who created it,” the president said.

    Putin made a case for India as he discussed the opportunities for Russian companies due to the West’s sanctions policies, and the need for the Moscow to “offer support tools to help our companies market their products more efficiently.”

    Crediting Indian leadership for creating an effective model to develop local manufacturing capabilities and woo foreign investors, Putin emphasized the need to think about “making our products more convenient and functional, with a modern look and properties.” Industrial and product design should become an important resource for the development of domestic business, he said.

    The Make in India initiative, which targets 25 sectors, including automobiles, textiles, pharmaceuticals, electronics, and renewable energy, was launched by the Modi-led government in 2014, and has emerged as a catalyst for placing the Indian economy on a path to become a global manufacturing powerhouse.

    With the largest population of over 1.4 billion people and the 5th largest GDP of around $3.7 trillion, India has in recent years emerged not only as an alternative destination for license manufacturing for global companies, but also as a massive consumer market for foreign investors. India's export performance has improved, according to official data, from around $468 billion in 2014 to an estimated $770 billion in the 2022-23 fiscal year.

    India has also seen a significant increase in foreign direct investment inflows, from $36 billion in 2014 to over $81 billion in 2020-21.

    https://www.rt.com/india/578936-modi-putin-example-follow/
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    Post  Kiko Mon Jul 03, 2023 7:07 pm

    Media: India nears Russia oil import limit after new high in June, 07.03.2023.

    India has received on average 2.2 million barrels of Russian oil per day over the past month, of which 1.5 million is of the Urals Variety, writes US media.

    Imports of Russian oil by India reached a new high in June, according to an article published on Monday (3) by the US agency Bloomberg.

    Daily volumes rose to 2.2 million barrels per day in June, the tenth consecutive month of increase, according to Viktor Katona, head of crude oil analysis at analysis firm Kpler.

    State-owned Indian Oil Corp. was the largest buyer of Russian crude oil in the past two months, followed by Reliance Industries Ltd. Indian imports of Urals oil also hit a record, of 1.5 million barrels per day in June, Kpler said.

    The company also reported that Russian purchases again exceeded the combined shipments from Saudi Arabia and Iraq. According to Bloomberg, India may be approaching the limit of its increase in purchases from the main OPEC+ producer.

    India emerged as a major consumer of Russian oil after the start of Russia's special military operation in Ukraine in February 2022, and the country's purchases may now be close to their limit due to infrastructure problems and the need to maintain good relations "with other suppliers", in probable reference to Western countries, which may not welcome the increase in Russian exports.

    This comes amid the oil embargo and the cap on prices for Russia's oil and petroleum products by Western countries, imposed after the start of the special operation. At the same time, Russia signaled an intention to reduce its oil production, in order, as it explained, to stabilize the hydrocarbon market.

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    https://sputniknewsbrasil.com.br/20230703/midia-india-se-aproxima-de-limite-de-importacao-de-petroleo-da-russia-apos-novo-maximo-em-junho-29458412.html

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    Post  Kiko Mon Jul 03, 2023 11:49 pm

    Indian geopolitical analyst predicts "insurmountable obstacles" for the US, 07.03.2023.

    According to S. L. Kanthan, "US dollar will be just one among many currencies and vassals quietly abandon their loyalty".

    Indian geopolitical analyst S. L. Kanthan predicts a fall of the economic hegemony of the United States. According to the scholar, US politicians "will face insurmountable obstacles to chart a new path in the future, where China will be No. 1, Russia will be a great power, the BRICS will be a massive alliance, the US dollar will be just one among many currencies and vassals quietly abandon their loyalty".

    "No one can predict the future, since human idiocy has no limits. However, there is a very good chance that the American Century will soon come to an end. And it will be out of ignorance and arrogance, which abound in the US, from K-street and Wall Street to Main Street. Americans don't know history, can't visualize a multipolar world, and are unable to process seismic events happening now in real time.

    Disengaged from the past, present and future, they are victims of their own propaganda," he said. 

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    https://www.brasil247.com/mundo/analista-geopolitico-indiano-preve-obstaculos-intransponiveis-para-os-eua
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    Post  Kiko Tue Jul 04, 2023 12:18 am

    India starts paying for Russian oil in yuan – Reuters, 07.03.2023.

    The South Asian nation has been seeking alternatives to the US dollar for its energy imports in the wake of Western sanctions.

    Indian refiners have started using Chinese yuan instead of US dollars to pay for some oil imports from Russia, Reuters reported on Monday, citing people with direct knowledge of the matter.

    According to the sources, India’s biggest buyer of Russian crude, Indian Oil Corp, became the first state refiner to pay for some Russian purchases in yuan last month. At least two of India’s three private refiners are also paying for some Russian imports in yuan, two other sources claimed.

    “Some refiners are paying in other currencies like yuan if banks are not willing to settle trade in dollars,” an unnamed Indian government source was quoted as saying.

    The sources noted it could not immediately be determined how much Russian oil Indian refiners have bought with yuan, adding that Indian Oil has paid in renminbi for multiple cargoes.

    Indian officials have not supported the measures against Moscow adopted by the West in response to the conflict in Ukraine. Though New Delhi decided not to take part in the restrictions, Indian banks and financial institutions remain cautious about clearing payments so as not to unintentionally fall foul of other measures introduced against Russia.

    A $60-per-barrel price cap on Russian seaborne oil exports was introduced by the EU, G7 countries, and Australia on December 5. The mechanism prohibits Western companies from providing insurance and other services to shippers of Russian oil unless the cargo is purchased at or below the set price.

    A similar measure targeting petroleum exports came into force on February 5. It sets the price of refined petroleum products imported from Russia at $100 per barrel for diesel and $45 per barrel for fuel oil. The steps are aimed at cutting Moscow’s energy revenues.

    Russia rerouted supplies to Asia and other destinations in response to the sanctions, which have been forcing Moscow and its customers to find alternatives to the dollar for settling payments. According to Reuters, Indian refiners have also settled some non-dollar payments for Russian oil in the UAE’s dirham.

    Russian oil exports to India climbed to a new peak last month, having risen for ten consecutive months, according to data from commodities analytics firm Kpler. The world’s third-largest oil importer and consumer, India has been snapping up the discounted Russian oil, with daily shipments to the South Asian country surging to 2.2 million barrels a day in June, according to Kpler.

    https://www.rt.com/india/579137-india-russian-oil-chinese-yuan/

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    Post  Kiko Thu Jul 06, 2023 10:04 pm

    Indian central bank frames roadmap to take rupee global, 07.06.2023.

    A new report by RBI working group outlines steps for using rupees in international Exclamation transactions.

    As India’s international trade and investment flows soar, New Delhi is taking steps towards making the Indian rupee (INR) a strong international currency that could be an alternative to the US dollar. 

    A fresh report of the working group of the Reserve Bank of India (RBI), made public on Wednesday, stated that INR had the potential to become an internationalized currency, as India is one of the fastest growing countries and “has shown remarkable resilience even in the face of major headwinds.” In the last decade, India’s foreign exchange reserves have grown from $290.5 billion in August 2012 to $560.4 billion in August 2022. In the last decade, India’s Foreign Direct Investment (FDI) has almost doubled from $46.6 billion to $84.8 billion.

    The 70-page document names several factors that set the stage for various alternative currencies, including the rupee, to potentially use in international transactions. They include increased linkages of the Indian economy with the rest of the world in terms of trade and capital flows, the global financial system moving towards being multipolar “as reflected in the steadily decreasing share of USD in foreign exchange reserves of countries” and “recent geopolitical developments.”

    The working group outlined a roadmap for rupee internationalization, pointing out that some of the steps described have already been initiated and are currently a “work in progress.” The document also notes the need to move gradually and resolve issues related to this move, including challenges it poses to the stability of domestic currency and the country’s overall monetary policy.

    Measures proposed include adopting a standardized approach for examining the proposals on bilateral and multilateral trade in rupees, enabling the INR as an additional settlement currency in multilateral mechanisms such as the Asian Clearing Union, encouraging opening up rupee accounts for non-residents both in and outside the country, and integrating the Indian payment systems with other countries for cross-border transactions. Indian exporters should be provided “equitable incentives” for settling trade in rupees, the working group recommended.

    Citing the rise in prominence of Chinese yuan as an international currency, the report noted it had occurred in spite of Beijing “retaining capital controls in many areas.”

    “China’s export-oriented manufacturing sector provides the basis for internationalization of the renminbi and this is supplemented by arrangements with partner countries in the form of bilateral currency swaps,” the document reads, noting the important role that bilateral currency swaps can play in the internationalization of INR.

    Over the medium term, the group recommended reviewing taxes on so-called Masala bonds (issued outside India but denominated in INR) and harmonizing tax regimes of India and other financial centers, as well as allowing banking services in rupees outside India through offshore branches of Indian banks. The proposals outlined in the document will be examined for implementation, RBI said, noting that the report did not reflect the official position of the regulator.

    Debates around the internalization of rupees have been raging in India for over a decade, but intensified lately in the view of the Ukrainian crisis and Western sanctions against Russia – India’s key trading partner for defense and energy supplies. In July 2022, RBI unveiled a mechanism to settle international trade in rupees. Exports and imports under this arrangement may be denominated and invoiced in INR, while the exchange rate between the currencies of the two trading partner countries may be market determined. The mechanism allows settling import and export payments through Special Vostro Rupee accounts that domestic banks hold for foreign banks in Indian rupees.

    In March this year, the government announced that banks from 18 countries got permission from RBI to open such accounts for settling payments in Indian rupees. The list includes Russia and Iran, both of which are cut-off from the global financial system, and several African countries, Sri Lanka, Myanmar, Israel, New Zealand and the UK. 

    https://www.rt.com/india/579252-indian-rbi-global-rupee/

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    Post  Kiko Fri Jul 07, 2023 12:31 am

    India increases loans to Africa to compete with China: 'Economic Diplomacy', 07.06.2023.

    "China's funding volume is higher than India's, but New Delhi allows governments to decide what they need and does not burden them with the kind of vain projects for which Beijing is often criticized," says director of Indian lending bank.

    Africa has become India's second largest credit recipient. In the past decade, 42 African nations have received about$ US32 billion or 38% of all credit granted by New Delhi. In an interview with Bloomberg, Harsha Bangari, managing director of India's Export Import Bank, said the bank is an instrument of Indian" economic diplomacy."

    Bangari added that the South Asian country has also opened 195 project-based credit lines worth about$ US12 billion across Africa, three times the number it has in its own region in the past decade.

    "Africa has been making good use of credit lines, extended to projects that include health, infrastructure, agriculture and irrigation and India is seeing a steady increase in demand [ ... ] if you look at the projects that India has supported, you will see that they bring a lot of benefits to the economy," he said.

    However, despite India's recent effort, the nation has lagged behind its larger and richer neighbor in making inroads in Africa.

    According to the media, although China's loans to the African continent have fallen since 2016, overall in the ten years to 2020, it pledged$ 134.6 billion to African nations. That's almost 11 times more than India has offered.

    However, Prime Minister Narendra Modi's government has pushed for greater outreach in Africa by boosting economic and diplomatic ties.

    In the past nine years, 18 of the 25 New Indian embassies or consulates have been in Africa. In February, India hosted 48 African countries at The Voice of the Global South summit.

    "We are trying to think 25 years from now and ask ourselves where we are likely to be in 2047 and what we should be doing now to prepare for that," Indian Foreign Minister Subrahmanyam Jaishankar said.

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    https://sputniknewsbrasil.com.br/20230706/india-aumenta-emprestimos-a-africa-para-competir-com-china-na-regiao-bom-uso-de-linhas-de-credito-29505762.html

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    Post  GarryB Fri Jul 07, 2023 4:25 am

    If you see the world as competition with your neighbour then be prepared for a sad life.

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    Post  Sujoy Sun Jul 09, 2023 9:58 am

    China is the only country that stands to gain if India uses Yuan to pay Russia. India has a huge trade deficit with China, so it does not have much Yuan. To get Yuan, India will have to sell its USD and Euros. This will make Yuan more valuable. As a result, China will pay less to Russia for the goods it imports from them.

    China is playing both Russia and West, inside out.
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    Post  GarryB Sun Jul 09, 2023 1:06 pm

    Well US dollars and Euros are not use to Russia and if India wants to continue to buy things from Russia then they need to pay them in something they can use.

    I can't just go down to the supermarket and say I have decided to pay in Fijian dollars, it is the person selling the goods that decides what sort of payment they will accept for their goods or services.

    Perhaps India should look at areas they can boost exports with China or Russia in terms of products or services they can sell to either, and that would better solve their trade imbalance issues.

    Sprut-B and Broski like this post


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