New Delhi. Economic relations between India and Russia are continuously strengthening. Both countries have promoted trading in rupees and rubles to reduce dependence on the dollar. According to reports, now about 96 percent of the transactions between the two countries are being completed in these two local currencies.
This payment system has made the business of both the countries much easier. It is being told that about 90 percent of the transactions are completed within 10 minutes, while a large number of payments are being completed in less than a minute.
Business reached 70 billion dollars
There has been a huge surge in trade between India and Russia in the last few years. By 2024, the trade between the two countries could reach around $70 billion. Crude oil has played the biggest role in India's purchases from Russia. Apart from this, coal, fertilizer and other essential goods also come to India from Russia.
India exports machinery, medicines, chemicals, electrical goods and agricultural products to Russia. Both countries aim to further increase this trade in the coming years.
Target of 100 billion dollars by 2030
The increasing turnover in Rupee-Ruble is giving India and Russia new options for international payments. Trade between the two countries is estimated to reach $100 billion by 2030. In such a situation, the growing economic partnership between India and Russia is also indicating important changes in global trade.