this post was submitted on 03 Jan 2024
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GenZedong

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[–] ComradeSalad@lemmygrad.ml 18 points 1 year ago* (last edited 1 year ago) (1 children)

Indian government when you actually have to pay for the international trade you order. copium

[–] mughaloid@lemmygrad.ml 9 points 1 year ago (1 children)

Russia got duped by India where India promised to build large ship tankers for Russia. I just don't understand how Russia agreed on it. It's a total scam from India's side. India will not pay Yuan because of it's racism and nationalism but it doesn't have a credible currency to back their transfers.

[–] knfrmity@lemmygrad.ml 3 points 1 year ago (1 children)

INR in itself shouldn't be terrible at least as part of a currency mix, my understanding was the rupees used to pay Russia were blocked currency and only usable for Indian exports, which Russia has only limited use for.

[–] mughaloid@lemmygrad.ml 5 points 1 year ago (1 children)

Correct, INR is a dead currency for Russia. Because Russia needs good amount of automobiles, high grade finished products which India has none.

[–] juchenecromancer@lemmygrad.ml 6 points 1 year ago (1 children)

After liberalization destroyed the little industry India had developed during state capitalism we basically had nothing to offer the world except for cheap software engineers.

[–] machiabelly@hexbear.net 2 points 1 year ago (1 children)

When was this liberalization?

[–] juchenecromancer@lemmygrad.ml 3 points 1 year ago (1 children)
[–] machiabelly@hexbear.net 1 points 1 year ago (1 children)
[–] juchenecromancer@lemmygrad.ml 2 points 1 year ago

Liberalization was around August I believe so the crisis you linked wasn't a direct result of the liberalization. Its evils took a while to accumulate, but I know family members whose former prosperous factory cities have become ghost towns due to deindustrialization after the License Raj ended.