India is in talks with many countries to do business in rupees. Image Credit source: File Photo
To take advantage of cheap Russian oil during the Russia-Ukraine war, India increased the import of crude oil from Russia. In such a situation, India is constantly in talks with Russia to do business in rupees. In the midst of the government’s efforts to make rupee an international currency, a good news has come that a neighboring country of India has agreed to trade in rupees.
Sri Lanka, which is facing economic and political crisis, has taken forward the trade talks with India in rupees. For its economic betterment, Sri Lanka is increasing bilateral relations with India, especially in the power and energy sector. At the same time, the relationship between the two countries is also getting stronger regarding trade in rupees.
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According to media reports, Sri Lankan High Commissioner Milinda Morgoda held talks with Dr. Pramod Kumar Mishra, a cabinet rank officer of the Modi government in Delhi on Friday in this regard. There was a discussion between the two on further strengthening the bilateral dialogue for the economic upliftment of Colombo. This includes issues like restructuring the loan given to Sri Lanka.
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Some time ago, Commerce and Industry Minister Piyush Goyal had said that India is in talks with many countries to do business in rupees. When it came to the end of India and its talks about trading in rupees with Russia, the government immediately denied it.
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If India starts its import-export in rupees, then its dependence on dollar will be less. At the same time, he will get relief from the fluctuations in the exchange rate of dollar and rupee. Not only this, after opening Voscro account with many countries, it will be easy to do business with those countries.
With the onset of Sri Lanka’s economic crisis, India had allowed the common citizens there to keep an amount of Rs 10,000.