India’s central bank, the Reserve Bank of India allows settlement of trade transactions with Sri Lanka in Indian rupees

In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the Reserve Bank of India (RBI) has allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of $ 1 billion extended by the State Bank of India (SBI) to Sri Lanka […]

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Onion exports to Sri Lanka, Bangladesh slow down on payment crisis and higher levies

Onion exports to Sri Lanka and Bangladesh have slowed down due to the current financial crisis in Sri Lanka and measures taken by the Bangladesh government to encourage local production in addition to imposing a tax on imported onions, reports Financial Express. Exporters from Nashik, the country’s largest onion growing belt, claim that exports to […]

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Sri Lanka’s economic crisis may enhance demand for Indian orthodox tea

Escalating economic concerns in Sri Lanka, a major player in the global tea market, may provide opportunities for Indian exporters of Indian orthodox tea, as the island country is set to witness a significant decline in its production and shipments this year, according to rating agency ICRA’s research paper. According to ICRA, Russia has been […]

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India and Sri Lanka sign agreement to build a 100 MW solar power plant

India and Sri Lanka have signed an agreement for developing a 100 megawatts (MW) solar power plant in the island nation’s eastern port district of Trincomalee. This is part of an ongoing process of strengthening the bilateral economic partnership between the two countries including through cooperation in the renewable energy sector. The signing ceremony took […]

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Non-Basmati rice exports likely to cross 17 million tonnes this financial year: BV Rao, president, Rice Exporters Association

Exports of non-Basmati rice are poised to cross 17 million tonnes (MT) for the current financial year. Exports have already crossed 12.53 MTfor the current season against 13 MT for the entire 2020-21 season, BV Rao, president, Rice Exporters Association (REA), told Financial Express. According to data released by the association, non-Basmati rice exports have […]

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