The Centre has sent a proposal to the Venezuelan government that the Latin American country -- already reeling under a financial crisis -- may settle dues of Indian pharma companies through oil exports, a senior commerce ministry official said today.
As the situation in Venezuela remains "grim", there is delay in getting response, said Anice Joseph Chandra, Director, Ministry of Commerce.
"The issue is under active consideration of the Centre. The ministry of commerce is liaisoning with the ministry of external affairs, the department of finance, RBI and some public sector banks to find out a solution other than diplomatic channels," Chandra told reporters here.
"In Venezuela, the situation has gone out of control of the government there. The currency has gone for a toss. We would like to have some kind of barter system like China had. We have some kind of a draft proposal. Unfortunately, the response from their side is very slow. We have to be little patient."
Chandra made it clear that the Venezuelan government is equally keen on having some solution to the problem.
Indian pharmaceutical exporters are facing issues in getting payments from Venezuela due to the government's regulation on repatriation.
The South American country is India's largest trading partner in that region, particularly in the oil sector.
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has already raised concern over the delay in payments and sought the government's intervention.
A Pharmexcil office-bearer said Indian pharma companies are to get about Rs 2,000 crore from the crisis-hit country.
Chandra claimed that Venezuela survives on Indian
medicines and the Centre has been interacting with it on a continuous basis for several months.
"Our mission there is fully activated. We have called Venezuelan ambassador also," she added.
She further said that besides the US Food and Drug Administration (FDA), the European Union has agreed to have Indian officials during inspection of manufacturing facilities in India.
Meanwhile, Indian pharma exports stood at USD 16.9 billion during the last financial year, with USD 5.7 billion for the US and USD 3.3 billion for Africa, according to Pharmexcil data. The exports stood at USD 15.4 billion in 2014-15.
