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☆ China and India are so far into frenemy zone that they may never join forces to topple the dollar
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The economist who coined the "BRIC" acronym said the currency idea seemed "crazy." The bloc is helmed by the major emerging nations of Brazil, Russia, India, China, and South Africa. It also appears that it's just Russia and Brazil that have really pushed for a BRICS common currency. But even if a BRICS currency comes to pass, its use could be limited. AdvertisementAdvertisementPrakash said a BRICS currency would be used in "very narrow and vertical settings, or for BRICS projects."

Persons: —, Washington, Joseph Sullivan —, There's, Jim O'Neill, Goldman Sachs, O'Neill, Xi Jinping, Narendra Modi, Xi, didn't, Li Qiang, Liu Pengyu, Modi, Liu, there's, Abishur Prakash, it's, China hasn't, Palit, Prakash Organizations: Service, White House, Indian, Monetary Fund, China's, UN, China, Institute of South Asian Studies, National University of Singapore, Affairs Ministry Locations: China, India, Russia, Ukraine, Brazil, South Africa, Europe, Africa, Beijing, New Delhi, Johannesburg, China's Washington, DC, BRICS

☆ Afghan Students Urge India to Extend Visas and Restart Scholarships
▼ + stars: | 2023-09-13 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

India has in the past offered scholarships to thousands of overseas students from countries such as Afghanistan to pursue undergraduate and post-graduate degrees. "The students are neither getting scholarships nor permission to work in India," he said. The ICCR has previously offered study grants to nearly 1,000 Afghan nationals to pursue undergraduate and postgraduate studies in India. These grants consisted of a monthly stipend of between 25,000 rupees ($301) and 28,500 rupees to Afghan students, on top of subsidised tuition fees and travel expenses. "I want to continue my studies in India, but the government has not released our stipends," said Parwana Hussaini, who came to India in 2016 for higher studies.

Persons: Manoj Kumar, Mayank Bhardwaj, Kumar Tuhin, ICCR, Parwana Hussaini, David Holmes Organizations: Mayank Bhardwaj NEW DELHI, Afghanistan Students ' Association, Indian Council for Cultural Relations, External Affairs, External Affairs Ministry Locations: India, New Delhi, Afghanistan

GANDHINAGAR, India, July 17 (Reuters) - Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries gathered in the western Indian state of Gujarat, hoping to push for agreements on debt restructuring for vulnerable countries, global minimum taxation and reforms on multilateral development banks. "We are not making much headway with the debt restructuring issue," a senior official, who is part of the meeting, told Reuters on Monday. Officials said several finance ministers were forced to skip the meetings due to domestic issues that were a "priority". Finance ministers from Japan, Australia, Canada, Indonesia, South Korea, Indonesia, South Africa, along with the United States and India were present.

Persons: Janet Yellen, Joachim Nagel, Aftab Ahmed, Chizu Organizations: Reuters, United, Treasury, Officials, Finance, Thomson Locations: GANDHINAGAR, India, Gujarat, Zambia, United States, New Delhi, Japan, Australia, Canada, Indonesia, South Korea, South Africa, Argentina, Brazil, France, Mexico, Germany's, Parisian, Germany

India's foreign ministry is consulting with departments on their appetite for fertiliser and gas from Cairo as part payment for the credit line, an Indian official said. India, the world's second-largest wheat producer, banned wheat exports in May 2022 to help control rising domestic prices, rescinding a plan to export 3 million tons of wheat to Egypt in the year 2022/23. The other sources from India and Egypt did not wish to be identified as they are not authorised to speak to the press. India's external affairs ministry, finance ministry, trade minister, and Egypt's foreign ministry and trade ministry did not immediately respond to requests for comment. India exported $4.11 billion of goods to Egypt in the last fiscal year, while importing $1.95 billion.

Persons: Narendra Modi's, Ali Moselhy, Moselhy, Rajendra Jadhav, Conor Humphries Organizations: Reuters, Indian, Thomson Locations: CAIRO, DELHI, India, Egypt, Delhi, Cairo, New Delhi, Russia

☆ Russia doesn't know what to do with the $1 billion in rupees it is amassing in India each month
▼ + stars: | 2023-06-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's amassing $1 billion worth of Indian rupees each month that it's struggling to use. India has been buying Russian oil using rupees as Moscow has been shut out of the USD-denominated global payments system. And it's not like Russia can send the rupees back home either because India has restrictions over capital flows by foreign investors — the country is looking at $2 to $3 billion worth of rupees stuck in India every quarter. India and Russia are now trying to work out how Russia can use its mounting rupee stash. Another option under discussion is having Russia channel the rupees into Indian infrastructure projects in exchange for equity stakes, per the media outlet.

Persons: Russia's, it's, —, Sergei Lavrov, Lavrov, Moscow doesn't, Alexander Isakov, Ian Hall Organizations: Service, Bloomberg, Bank of, Reuters, Treasury, Russian, Bloomberg Economics, Australian Institute of International Affairs, Griffith Asia, Griffith University, Kremlin, Affairs Locations: India, Moscow, Russia, Ukraine, —, Bank of Russia, Australia, Russian

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