India wants to make the rupee more acceptable but does
not have the industrial capacity to do it, only just making loud noises
that failed to convince other countries to accept rupees in trade.
Countries
will accept payments in rupees if India can provide goods that can be
exchanged with those countries holding rupees for trade. Using coercion
is not the way to go.
India tried to force Russia's hand with
some Indian oil refiners refusing Russian oil, but that means paying
more which is committing suicide. Russia is not ruffled and knows that
India is only playing musical chairs just for show.
Russia can
always sell highly discounted oil to China, helping China's
manufacturing to lower costs even more and producing even more
competitive products for the world. The USA and the EU can talk about
subsidies from the Chinese Government when they themselves are
subsidizing its own chip manufacturers with billions. The pot cannot
call the kettle black. It is a shameful excuse.
Anonymous