According to a World Bank assessment, earnings in Afghanistan have fallen to the point that 37% of Afghan households do not have enough money to meet their basic requirements, while 33% can buy food but not much more. According to Reuters, if current trends continue, Afghanistan’s real GDP per capita would decrease by around 34% between the end of 2020 and the end of 2022, undoing all progress gained since 2007.
India previously employed a rupee-ruble arrangement, which has fallen out of favor this time owing to high volatility in the Russian currency, the individual said, adding that deposits in Russian accounts might reach $5 billion by year’s end given how much India is purchasing. The administration of Prime Minister Narendra Modi is eager to conclude a mechanism since India has been increasing oil imports to capitalize on a drop in prices after the United States, Europe, Australia, and Japan imposed economic sanctions on Russia.
Cheaper Russian crude might aid India, where inflation has risen over the central bank’s goal as oil prices have risen to around $130 per barrel. Emails requesting a response from the Reserve Bank of India and the Finance Ministry were not returned. In the fiscal year ending March 2022, India had a trade deficit with Russia of $6.61 billion, with total bilateral trade at $13.1 billion. To balance the finances, New Delhi is aiming to increase exports of medicines, plastics, and chemicals.
India, the world’s largest customer of Russian arms, has defied the US and Australian demands to cut ties. It has used threats from Pakistan and China to push for ongoing supply, prompting the US to contemplate extending foreign military money to wean India off Russian-made military gear. India has generally endeavored to maintain a neutral posture on great power issues, even as it has joined groupings such as the Quad security alliance with Australia, Japan, and the US.
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