Moscow and New Delhi have deepened economic ties, Rishabh Sethi says
Trade and economic cooperation between Russia and India have been growing rapidly despite, and thanks to, the Western sanctions, the head of the Indian Centre for Promotion of International Initiatives, Rishabh Sethi, told RT on the sidelines of the Eastern Economic Forum in Vladivostok.
“Over the past 75 years, Russia and India have been developing cooperation, and this year we have broken all the previous records of business and trade relations,” he said.
Sethi noted that in the last three months, New Delhi has ramped up energy imports from Russia, supplying large amounts of various products in return.
“India is one of the world’s largest manufacturing hubs, which can provide Russia with pharmaceuticals, automobiles, and spare parts, as well as technology, software, IT, and other products,” he explained, adding that India is a good alternative market for Russia in terms of importing goods.
“I feel like there is not much effect of any sanctions between the relations of our countries,” Sethi stated – on the contrary, the sanctions have pushed Russia and India closer.
The two countries have successfully established a mechanism for mutual settlements in rubles and rupees, he noted. Trade in the two nations’ currencies has been expanding. Moscow and New Delhi do not need to use dollars or euros in bilateral trade, “we can pay with our local currencies, including the Chinese yuan,” he said.
“That is a big benchmark to stop full hegemony of the US dollar and the euro. So, this is like an example for the whole world to promote their own currencies in terms of business and trade development.”
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