US SANCTION MAY PROVE TO BE BOON FOR INDIA
RUPEE TRADE PROMISES TO EASE PRESSURE ON CAD
2018-10-15 13:06
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The US trade and economic sanction against Iran and Russia opens an opportunity for the country to explore the possibility of trading in Rupee not only with these two countries, but also with other likeminded nations, including Venezuela, Indonesia and, even, China. India is among the world’s top 10 importing countries. Cumulative value of imports for the period April-March 2017-18 was US$ 459.67 Billion (Rs. 2962897.70 crore). India is the world’s third largest oil importer, after China and the US. India is also the world’s third largest coal importer, after China and Japan. Among top 10 exporters to India, China ranks No.1, followed by the US, UAE, Saudi Arabia, Switzerland, Indonesia, Korean Republic, Germany, Iraq and Australia.