The political crisis in the UK, coupled with the fear of a recession due to slower-than-expected economic growth may play a role in deferring the pact.
“A coherent strategy that promotes greater integration and participation of India in the global value chains is an imperative. Such a strategy will be crucial to meet the target of achieving $2 trillion target by 2030,” he said, adding the necessity for India to leverage its strength in the services sector.
Two banks in talks with Russian lenders to settle trade in rupee
Two domestic lenders—UCO Bank and YES Bank—are in talks with Russian banks to settle trade between the two nations in rupees, a senior government official said on Thursday.
"A few Russian banks are joining hands with UCO Bank and YES Bank. It will be primarily rupee-basis trade…,”the official said.
The comments comes months after the RBI unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India.
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