Business News | 'Trade Flows Are Returning to India, but Markets Remain Unintegrated': Glazyev Calls for Russia-India Financial Integration
Get latest articles and stories on Business at LatestLY. Speaking to ANI on the sidelines of the Russian-Indian Forum titled "From The Volga to The Ganges" organised by the National Stock Exchange (NSE), Grekov said, "We are building a strategic alliance between Russia and India. Russia has many investors ready to participate in joint projects with India, and many companies willing to welcome Indian investors into their businesses." On tensions in the Strait of Hormuz, he said, "Escalation is not confined to the Strait of Hormuz but is occurring in many parts of the world, driven by Western thinking. These developments only strengthen the need for integration."
Mumbai (Maharashtra) [India], March 20 (ANI): Gas Machines Group Chairman and President of Birex Investment Company Eduard Grekov has highlighted growing investor interest between Russia and India, calling for stronger economic cooperation between the two countries.
Speaking to ANI on the sidelines of the Russian-Indian Forum titled "From The Volga to The Ganges" organised by the National Stock Exchange (NSE), Grekov said, "We are building a strategic alliance between Russia and India. Russia has many investors ready to participate in joint projects with India, and many companies willing to welcome Indian investors into their businesses."
Also Read | Samsung to Expand One UI 8.5 Beta to Galaxy S24 Series and 2024 Foldables.
On tensions in the Strait of Hormuz, he said, "Escalation is not confined to the Strait of Hormuz but is occurring in many parts of the world, driven by Western thinking. These developments only strengthen the need for integration."
He added, "We must unite our efforts so that our countries can grow, remain secure, and contribute to global prosperity."
Meanwhile, the State Secretary of the Union State of Russia and Belarus, Sergey Glazyev, has called for greater integration between India and Russia in capital markets and payment systems, stressing the need to move beyond the US dollar.
Speaking to ANI on the sidelines of the event, Glazyev said, "Trade flows are returning to India. We have important platforms, yet financial markets remain unintegrated because the global system is still dominated by the US dollar."
He said that sanctions have pushed Russia and Belarus to shift away from dollar-based transactions.
"With sanctions imposed by the US on Russia and Belarus, these countries have largely stopped using the dollar for transactions, shifting instead to national currencies," he said.
He added that trade with India is also moving in this direction, but challenges remain.
"Trade with India also increasingly uses national currencies, but direct international integration is still lacking. As a result, transaction costs remain high due to outdated payment channels," he said.
Glazyev stressed the importance of digital currencies in improving efficiency.
"To address this, we must expand modern systems of trade and payments through digital currencies. India's idea of adopting digital currencies is crucial, as it would enable immediate, reliable, and low-cost transactions," he said.
He also called for direct linkage between exchanges.
"Direct integration between India's exchanges and Moscow's exchanges is also needed to establish a rupee-rouble market without intermediaries. This would reduce transaction costs, improve access for Russian companies to Indian markets, and balance trade flows," he said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)