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An INR trade mechanism has been initiated to facilitate trade with Russia. The Reserve Bank of India (RBI) has issued guidelines for opening Special Rupee Vostro Accounts (SRVA) by foreign banks in Indian commercial banks. As of July *, ****, the RBI has approved ** applications from different Russian banks for opening SRVA in ** Indian commercial banks, the minister of state for commerce and industry Anupriya Patel recently said in a written reply in the Lok Sabha.
India is one of the major suppliers of apparel and fabric for Russia. India has exported apparel worth $**.*** million in the first five months of this year. The shipment of apparel amounted to $**.*** million in ****. The exports were valued at $**.*** million in ****, $**.*** million in ****, and $**.*** million in ****, according to *f_homepage_tpblock&utm_medium=logo&utm_campaign=texpro_****" target="_blank">Fibre2Fashion&#**;s market insight tool TexPro.
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