In a groundbreaking development that marks a significant step towards enhancing bilateral economic ties, the Abu Dhabi National Oil Company (ADNOC) and the Indian Oil Corporation Limited (IOCL) completed the first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system.

Historic first: India and UAE settle crude oil transaction using national currencies

India is exploring ways to set up a rupee payment mechanism for trade with Russia to soften the blow on New Delhi of Western sanctions imposed on Russia after its invasion of Ukraine, government and banking sources said.

India explores setting up rupee trade accounts with Russia to soften sanctions blow: Sources

Executive Chairman Jack Ma was even more hopeful long term, stating they'd have 2 billion annual consumers by 2036

Alibaba expects to record $912 billion by 2020, even amid concerns it sells counterfeit products

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