India is set to benefit from a proposed grain exchange among BRICS, which is seen as an alternative to CME, the US based futures trading platform. Simultaneously Brazil has been pushing its proposal for creation of a multilateral stockpile of grains within BRICS to reduce external market reliance.

The US decision to hike import tariff to use it as a weapon so that other countries accept its terms for any bilateral trade agreement, has revived activities within BRICS to meet the deadline of the roll out of the Russian and Brazillian proposals, at least on pilot basis, sources said.

In September, during visit of Russian deputy prime minister Dmitri Patrushev to New Delhi, he discussed with India’s prime minister Narendra Modi about the grain exchange plan as Russia is keen to see a roll ou

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