Challenges Emerge: Rupee Payment Lacks Interest for Oil Imports
OIL & GAS

Challenges Emerge: Rupee Payment Lacks Interest for Oil Imports

Despite India's initiative to introduce rupee payments for oil imports, the approach is encountering resistance, as reported by industry sources. The lack of takers for the rupee payment method suggests challenges and hesitancy within the international oil trading community.

India's attempt to shift from traditional currency transactions to rupee payments aims to enhance economic autonomy and strengthen bilateral trade relationships. However, the reported reluctance among oil importers indicates potential concerns or complexities associated with adopting this alternative payment mechanism.

The resistance may stem from uncertainties related to currency exchange, global economic conditions, or concerns about the stability and international acceptance of the Indian rupee in the oil market. It also underscores the intricate dynamics and established practices within the global oil trade, where participants may be cautious about embracing new payment methods.

As India seeks to diversify and innovate in its economic strategies, the response to rupee payments for oil imports sheds light on the evolving landscape of international trade. Overcoming the challenges associated with this initiative may require addressing industry concerns and fostering confidence in the reliability and viability of rupee transactions within the global oil market.

Despite India's initiative to introduce rupee payments for oil imports, the approach is encountering resistance, as reported by industry sources. The lack of takers for the rupee payment method suggests challenges and hesitancy within the international oil trading community. India's attempt to shift from traditional currency transactions to rupee payments aims to enhance economic autonomy and strengthen bilateral trade relationships. However, the reported reluctance among oil importers indicates potential concerns or complexities associated with adopting this alternative payment mechanism. The resistance may stem from uncertainties related to currency exchange, global economic conditions, or concerns about the stability and international acceptance of the Indian rupee in the oil market. It also underscores the intricate dynamics and established practices within the global oil trade, where participants may be cautious about embracing new payment methods. As India seeks to diversify and innovate in its economic strategies, the response to rupee payments for oil imports sheds light on the evolving landscape of international trade. Overcoming the challenges associated with this initiative may require addressing industry concerns and fostering confidence in the reliability and viability of rupee transactions within the global oil market.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?