The system has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war
Moscow told India it will help it get use of large tankers to avoid the price cap put on Russian oil, as well as access to insurance and shipping
The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.
Such a deal could top $100 billion dollars at list prices, including any options, and rank among the biggest by a single airline in volume terms
The announcement comes after reports last month that the Taiwan-based manufacturer plans to quadruple the workforce at its iPhone factory in India
Emerging market currencies have outperformed their developed market counterparts this year and analysts say signs point to a broader turn in dollar sentiment
Move comes at time when New Delhi wants to narrow its growing trade deficit with Russia and as Moscow faces acute shortages of some crucial materials following Western sanctions
India plans to cut taxes, offer subsidies and other incentives to bolster ship building as part of a bid to reduce freight rates for manufacturers
HDFC raised $1.85 billion from the largest-ever bond issuance by an Indian bank on Thursday amid strong demand from long-term investors, and the State Bank plans a $1.2bn issuance on Friday
Production shortfalls and labour unrest at the giant iPhone factory, run by Foxconn in Zhengzhou, are increasing risks and likely to intensify Apple's retreat from China, analysts say
Moscow has sent India a list of more than 500 products it needs to keep key industries running, but while Delhi wants to cut its huge trade deficit, some companies fear being hit with sanctions.
Local villagers say the port is destroying the coastline and their way of life. Hundreds of protesters, led by Catholic priests, marched on a police station, where a dramatic confrontation occurred