CAIT's
National General Secretary Pravin Khandelwal said on Saturday, Russia and India
are moving fast on the new rupee-ruble exchange system for bilateral trade. By
April 10, a new payment platform for business on the lines of SWIFT will be
ready. As Khandelwal, 'Dragon' i.e. China has not been included in this new
payment system yet...
The
relations between India and Russia are getting deeper during the Russia-Ukrainewar. When Russian Foreign Minister Sergei Lavrov, who arrived in Delhi, met
Prime Minister Narendra Modi, he appreciated India's stand on the issue of
Ukraine. He said, India is fully understanding the situation and not one-sided.
With this, now the demand for Indian goods has started coming from Russia.
Confederation of All India Traders (CAT) has got a long list regarding export
of Indian products from Russia.
New payment platform may be ready by
April 10
CAIT's
National General Secretary Praveen Khandelwal said on Saturday, Putin wants to
give his people a taste of dozens of products, including Indian mangoes and
apples. For this, Russia and India are moving fast on the new rupee-ruble
exchange system for bilateral trade. By April 10, a new payment platform for
business on the lines of SWIFT will be ready. As Khandelwal, 'Dragon' i.e. China
has not been included in this new payment system yet. This new trading system
will have far-reaching positive results for India.
Demand for Indian goods has increased
According
to Praveen Khandelwal, in the wake of the war between Russia and Ukraine, many
countries have imposed economic sanctions on Russia. In such an environment,
now the demand for Indian goods has started increasing there. A list of dozens
of products has been sent to CAT by Russia. CAIT will get Russian business
people to meet Indian businessmen in this matter. This is happening only in the
interest of the country, CAT has no selfish interest in this. It will neither
be on any platform nor will there be any interference in the matter of payment.
CAT will act as a mediator and facilitator. The facility will be provided to
the merchants of Russia. Whatever Indian products they want, they will provide
a list of five big Indian business houses to Russian business houses. The
people of Russia would like to order goods from wherever they feel is right.
Business will be done in Rupee-Ruble
TheNational General Secretary of CAT said, the trial of the new payment system has
started. Right now China has been kept out of this system. In the coming time,
that too should become a part of the new payment system, it cannot be denied.
In the current situation, only India-Russia will work on the new payment
system. There will be two headquarters for the payment system. One will be in
Russia and the other headquarter will be set up in Delhi. India will ring in
the global market. Since now Russia has said that it will not work in dollars.
Neither will accept nor give payment in dollars from anyone. Whoever wants to
do business with Russia will have to pay in rubles. There is also a possibility
that in the future, any of the 27 countries of the European Union may say that
they will trade with Russia on the lines of India's payment system. That is, he
will move away from the dollar. This may reduce the value of the dollar in the
international market. When those countries pay in 'Euro' the dollar is bound to
go down.
Platform developed in collaboration
with RBI
He
told that Indian fruit jams and jellies, cornflakes, muesli, tea, coffee
powder, mango, apple, litchi, sugar, salt, pepper sachets, milk powder, fruits,
vegetables, cheeses, pasta items, butter, Fruit drinks, soup items, spices,
honey, biscuits, pickles, frozen snacks, food grains, sauces, oats, readymade
food, bread, rice, beans, cornflour powder, soup sticks and potato chips etc.
The demand has come to the fore. Many other items are listed now. In April 2020
to March 2021, there was a total trade of $ 8.1 billion between India and
Russia. In this, exports from India to Russia were worth $ 2.6 billion. Whereas
imports from Russia stood at $5.48 billion. In the current situation, the
number of goods exported from India to Russia can increase rapidly. Russia and
India have completed their program on a payment platform like SWIFT. Khandelwal
said, this new payment system will be installed at the headquarters of Reserve
Bank of India and Russia's VEB which is a development corporation of Russia.
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