be indian buy indian essay

• Personal Finance
• Today's Paper
• Budget 2024
• T20 World Cup
• Partner Content
• Entertainment
• Social Viral
• Pro Kabaddi League

Be Indian, buy Indian: After Make in India, now it's time for Buy in India

Mega policy coming soon, especially for sectors like manufacturing where govt is largest consumer.

More From This Section

Post demonetisation, new series puts IIP growth on even higher footing

GM Mustard could open door for 100-odd crops in pipeline

Retail inflation hits a low of 2.99% in April on lower food prices

WPI inflation slips four-month low to 3.85% in April on cooling food prices

Recent steps to promote local procurement MAY 2017: Policy on preference for sourcing of domestic iron and steel for infrastructure projects being built by state-owned companies  MAY 2017: Phased manufacturing plan announced by Ministry of Electronics & Information Technology to promote Make In India, with a thrust on local sourcing  APRIL 2017: Cabinet nod to purchase preference given to domestic manufacturers in procurements done by state-owned oil and gas firms MARCH 2017: General financial rules on public finance — including government procurement —restructured, to give first preference to locally manufactured goods

Mega policy soon on Buy In India

Universal Basic Income not feasible in near run, says Madan Sabnavis

Industrial production expected to see mild upturn in October

Hole at the centre of govt finances

Why RBI's optimism may be misplaced

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 13 2017 | 10:30 AM IST

Explore News

• Suzlon Energy Share Price Adani Enterprises Share Price Adani Power Share Price IRFC Share Price Tata Motors Share Price Tata Steel Share Price Yes Bank Share Price Infosys Share Price SBI Share Price Tata Power Share Price
• Latest News Company News Market News India News Politics News Cricket News Personal Finance Technology News World News Industry News Education News Opinion Shows Economy News Lifestyle News Health News
• Today's Paper About Us T&C Privacy Policy Cookie Policy Disclaimer Investor Communication GST registration number List Compliance Contact Us Advertise with Us Sitemap Subscribe Careers BS Apps
• ICC T20 World Cup 2024 Budget 2024 Lok Sabha Election 2024 Bharatiya Janata Party (BJP)

• Festival of Democracy
• Latest News
• Andhra Pradesh
• Visakhapatnam

Entertainment

• Photo Stories
• Delhi Region
• Education & Careers
• Media Outreach
• Revanth Reddy
• Telangana Assembly
• Andhra Pradesh News Updates
• telangana news updates
• 2024 Lok Sabha elections
• Assam Regiment & Assam Rifles mourn death of brave soldier
• Neeraj Chopra is a 'cool cat', very consistent, he will win the gold, says AFI chief Sumariwalla
• Kerala Police reopens 15-year-old case of missing woman, four taken into custody
• Porsche case: Pune court grants bail to builder father-son Agarwal duo
• Jr Women & Men North Zone Hockey: Chandigarh, U.P and Punjab win on Day 2
• BJP, Congress workers come to blows over LoP Rahul Gandhi's remarks
• 116 killed in stampede at religious event in UP's Hathras
• PM Modi accuses Congress of historical bias against Dalits, backward classes
• PM Modi congratulates new Dutch PM Schoof
• Russia to build new orbital station by 2033

Be Indian, Buy Indian will boost local consumption

Gautam Singhania, CMD, Raymond

"I strongly believe in Be Indian and Buy Indian, and I think each one should make a conscious decision to buy products made in our country," said Gautam Hari Singhania, Chairman and Managing

Director, Raymond Limited, India's largest textile and apparel brand. In an interview, Singhania said India is a very large economy with 1.3 billion people. "While the world looks at us as a market, I think we should look within for our products which are best in the world," he added. We need to come up with something more suitable for our country that will empower us to give the much needed boost to our economy, he said.

What has been the impact of Covid 19 pandemic on the textile and apparel industry in India?

Given the discretionary nature of the textile and apparel industry, the pandemic has affected us. With the lockdown, all factories were shut and demand came to a standstill. In this backdrop, the Indian textiles industry accounting for roughly 14 per cent of the total industrial output and a key contributor to the economic activity has also been adversely impacted from the uncertainties of global demand as well as subdued domestic demand. However, barring the intermittent black swan event like Covid pandemic, we are equally hopeful for bouncing back to growth as soon as the pandemic curve witnesses an arrest in the near future.

What is the strategy that Raymond has adopted to face this situation?

At Raymond, we are challenging all costs and have also implemented restructuring to ensure efficiencies. In line with the prevailing market conditions, the company has undertaken the process of cost rationalisation and various cost control measures related to sales and marketing, manpower, rentals and others to minimise the impact on business due to the pandemic.

What is your take on the Atmanirbhar Bharat campaign?

I strongly believe in Be Indian and Buy Indian, and I think each one should make a conscious decision to buy products made in our country. India is a very large economy with 1.3 billion people. Whilst the world looks at us as a market, I think we look inside for our products which are best amongst the world. I am sure we can get out of pandemic together stronger. Strong initiatives being taken by Central Government and the confidence building driven by Prime Minister's "Atmanirbhar" policy initiatives continue to ignite hope for an earlier than envisaged revival of our economy.

What does it mean for brands like Raymond?

We have always seen that, the stronger brand gets much stronger and the weaker one goes wayside. I always look at this as an opportunity. In our endeavour to battle the Covid-19 pandemic, Raymond has launched an exhaustive range of Personal Protective Equipment (PPE) offerings.

We are using our garmenting facilities in Bengaluru to manufacture PPE products (including masks and suits) which are currently being supplied to government, hospitals and other institutions. I am sure Raymond will come out much stronger by end of this.

Shoppers are still wary of visiting retail stores. There is a shift towards digital, is apparel becoming part of the trend?

While some products have moved towards digital, I don't think textile as a category can move totally towards digital. I think today digital for the textile industry will be less than 1 per cent and I'm sure as things open up of which we are seeing greens shoots, customers will come back to the store very quickly. Having said that, at Raymond we have accelerated our pace of digital adoption and will be moving our channel and trade partners extensively onto digital platforms for trade bookings and other related activities. Our new digital infrastructure and omni-channel capabilities give us the competitive advantage to have a unified view of our inventory and will service our consumers across the length and breadth of the country. As the fashion industry is going 'Phygital', Raymond is committed to create delightful consumer experiences both in the online and offline world. As Indian economy is gradually opening up, we have started re-opening our stores and 1000 plus Raymond stores are now open for business. It's also heartening to see that our loyal consumers are waiting for our shops to resume business.

What are your expectations from the festival and wedding season?

By end of September, things should pick up and I am very bullish on the same. With the onset of the Pooja season in the East and we are hopeful the demand will come in from there and I am sure we will see the benefits of the same.

How will the fashion industry reorient itself to the changed dynamics post Covid and how is Raymond participating in the rejig?

The market is changing and the world is changing and I am sure, water will find its own level. Having said that Raymond has launched an exhaustive range of Personal Protective Equipment (PPE) offerings. We are using our garmenting facilities in Bengaluru to manufacture PPE products (including masks and suits) which are currently being supplied to government, hospitals and other institutions. Additionally, our FMCG business was quick to respond and launched a slew of personal hygiene products as well as skin friendly hand sanitizers and cleansers as a part of Raymond Care

initiative.

Raymond is advocating Be Indian, Buy India. What does that translate into for consumers?

I believe, Be Indian Buy Indian will help revive local consumption. Governments across the world are coming up with innovative measures to revive consumption, for instance, if you consider in UK, the government was paying for a percentage of people who went out to restaurants. It was their way to kick-start their economy. We need to come up with something more suitable for our country that will empower us to give the much needed boost to our economy. For instance, it is imperative for India to continue to host IPL matches on its soil to give fillip to economy and sentiments of people of India as we are coming out of the impact of the pandemic. India can certainly handle such a high-profile sporting event, if UAE can.

How will it boost employment and manufacturing?

The government needs to proactively assess the situation and eliminate the bottlenecks in manufacturing. India has a massive employable workforce and there is a dire need for self-sufficiency in various industries to bring down trade deficit. In an economy like India, we need a robust manufacturing sector. The need for creating a robust manufacturing sector is critical. India must create one million jobs per month to capitalise on the demographic divide and manufacturing is the only activity that can provide livelihood opportunities to a huge chunk of the population outside of agriculture. (IANS)

• local consumption
• Coronavirus

• Advertise With us
• Terms & Conditions
• Subscriber Terms of Use
• Privacy Policy
• Editor'S Desk

© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com

LIVE Course for free

• Ask a Question

Write a short speech in about 150-200 words on ‘Be Indian, Buy Indian,’ to be delivered in the meeting of Students Union.

Please log in or register to add a comment.

Respected President and my dear friends, I am keenly sensible to the great honour for our country.

The slogan ‘Be Indian, Buy Indian’ reflects the feelings of nationality. As we are born and brought up in India, we should cherish this feeling in our hearts. Most of the people, though born and brought up in India, don’t exhibit this trait in their conduct and character which is a very shameful mindset. It is the first and foremost duty of an Indian to have this feeling. It shows our belongingness to our country. There is a general craze among well off Indians to buy foreign goods which is an aping habit. They should buy things made and produced in India. You will be surprised to know that Indian products are the most reliable in the world. There are so many companies in the world that get their products manufactured in India and then take it to their own country. By purchasing Indian products, we are indirectly supporting the economy of our country. With thanks, I want to say that every true Indian should try to prove the worth of the slogan “Be Indian, Buy Indian’.

Find MCQs & Mock Test

• JEE Main 2025 Test Series
• NEET Test Series
• Class 12 Chapterwise MCQ Test
• Class 11 Chapterwise Practice Test
• Class 10 Chapterwise MCQ Test
• Class 9 Chapterwise MCQ Test
• Class 8 Chapterwise MCQ Test
• Class 7 Chapterwise MCQ Test

Related questions

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam , ICSE Board Exam , State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

• All categories
• JEE (36.6k)
• NEET (9.4k)
• Science (780k)
• Mathematics (255k)
• Statistics (3.0k)
• Environmental Science (5.4k)
• Biotechnology (703)
• Social Science (126k)
• Commerce (74.9k)
• Electronics (3.9k)
• Computer (21.7k)
• Artificial Intelligence (AI) (3.3k)
• Information Technology (20.6k)
• Programming (13.1k)
• Political Science (10.2k)
• Home Science (8.1k)
• Psychology (4.4k)
• Sociology (7.1k)
• English (67.6k)
• Hindi (29.9k)
• Aptitude (23.7k)
• Reasoning (14.8k)
• Olympiad (535)
• Skill Tips (91)
• Mathematics (946)
• Physics (978)
• Chemistry (783)
• Biology (968)
• English (1.4k)
• To-morrow (49)
• One Centimetre (30)
• A Wedding in Brownsville (37)
• Eveline (36)
• A Cup of Tea (23)
• The Cow of the Barricades (22)
• A Lecture Upon the Shadow (20)
• On Time (21)
• On Shakespeare-1630 (20)
• The Divine Image (17)
• The Human Abstract (20)
• Time and Time Again (22)
• The Tiger and the Deer (18)
• Transformation (17)
• Does Culture Matter (12)
• Why the Novel Matters (29)
• The Argumentative Indian (34)
• On the Ignorance of the Learned (28)
• Broken Images (35)
• How He Lied to Her Husband (29)
• Hindi (1.9k)
• Business Studies (996)
• Accountancy (657)
• Economics (2.2k)
• Geography (2.4k)
• History (1.1k)
• Political Science (1.8k)
• Sociology (0)
• Psychology (0)
• Home Science (0)
• Computer Science (0)
• Class 11 (13.8k)
• Class 10 (5.1k)
• Class 9 (4.7k)
• Class 8 (2.0k)
• Class 7 (2.4k)
• Class 6 (2.4k)
• Class 5 (1.6k)
• General (72.9k)
• MSBSHSE (1.8k)
• Tamilnadu Board (59.3k)
• Kerala Board (24.5k)
• Send feedback
• Privacy Policy
• Terms of Use
• Refund Policy

45,000+ students realised their study abroad dream with us. Take the first step today

Meet top uk universities from the comfort of your home, here’s your new year gift, one app for all your, study abroad needs, start your journey, track your progress, grow with the community and so much more.

Verification Code

An OTP has been sent to your registered mobile no. Please verify

Thanks for your comment !

Our team will review it before it's shown to our readers.

• School Education /

I Love My India Essay: 100 and 500+ Words in English for School Students

• Updated on  
• Apr 22, 2024

My country, India, is known for its rich cultural diversity, scenic locations, and beautiful monuments and is home to one of the oldest human civilizations; the Indus Valley Civilizations. As proud Indians, we constantly aspire to the wonders that this vast and diverse nation offers us. From its rich cultural heritage to its remarkable achievements and unique charm, India keeps on captivating people from all walks of life. Let us delve deep into some fascinating and inspiring culture, traditions and developments via our I Love My India Essay, to learn more about this unique nation. 

Table of Contents

• 1 I Love My India Essay 100 Words
• 2.1 Contribution and Celebration For the World 
• 2.2 Aiming for the 3rd Largest Economy
• 2.3 Caring For a Bright Future
• 2.4 Conclusion

I Love My India Essay 100 Words

Also Read: Essay on Good Habits for Children: List of Healthy Habits

I Love My India Essay 500+ Words

India, the land of diversity and unity, holds a special place in my heart. As a proud Indian, I deeply love my country, which has shaped my identity and built me a sense of pride and responsibility. Since ancient civilizations, the country has been a constant source of inspiration and affection. 

Moreover, the global community is the world´s largest democracy. Further, it has championed the values of pluralism, non-violence and peaceful coexistence worldwide.

Contribution and Celebration For the World 

India is a land of remarkable history and wisdom. India’s vibrant festivals and age-old cultural values attract a large number of tourists from all over the world. India gave ‘Zero’ to the world of science and mathematics and is the largest exporter of petroleum products.

Gautam Buddha, Vardhamana Mahavira, Ashoka the Great, and several other great scholars were born on Indian soil. Today, Indian thinkers, scientists, and innovators have also pushed the boundaries of human knowledge and capabilities. From advancements in space technology to the fields of information technology and medicine, the nation transformed into a prominent player on the global stage. 

Also Read: Essay on Viksit Bharat

Aiming for the 3rd Largest Economy

As of 2022, India’s nominal GDP is $3.93 trillion. It stands at fifth place in the list of global GDPs. However, the Indian government is determined to make India the third-largest economy in the next five years. This was because of the rapid industrialisation after independence and the introduction of Liberalisation, Globalisation and Privatisation in 1991-92.

Caring For a Bright Future

As a resident of the country, I look forward to the future with lots of hope and excitement for achieving the paths that India will chart. Our young people, who are the future and the driving force behind the nation’s progress, are prepared to take India to new heights. 

Initiatives like Skill India and Start-Up India are empowering the next generation to become their leaders, innovators, and change-makers. They are equipped with the tools and resources that they need to thrive.

Further, I am particularly passionate about the people of India regarding their socio-economic backgrounds, access to quality education and healthcare and the opportunities for personal as well as professional growth. 

By investing in the well-being and development of our citizens, we can step ahead into a more equitable and inclusive society. This will further help people chase their dreams and contribute towards the nation’s collective progress. 

My love for the nation is deep and deep-rooted. I admire the country for its incredible history, the liveliness of its present, and the boundless potential of its future. As I reflect on the journey of this remarkable country, I am filled with pride, gratitude and commitment to being a responsible and engaged citizen. 

Together we all can build on the legacy of our ancestors, embrace the diversity that makes us strong, and work towards a future where India will shine with the hope of progress, unity and global influence. 

Also Read: Essay on Indian Heritage for Students 

Ans: India is a country with diversity in South Asia. It has a rich cultural heritage and stunning natural beauty. 2. The country is special because of its world´s largest democracy, with over 1.3 billion people. This makes the country the second-largest population in the world. 3. India is rich with 22 official languages and its leadership in technology and innovation.  4. The country has many monuments in UNESCO heritage sites like the Taj Mahal, Ancient Cave Paintings, and towering monuments. All these monuments are perfect examples of architecture and historical wonders. 5. Indian cuisine is well-known for its various flavours according to the region, spices, and tradition of cooking. 6. The landscapes of India range from snow-capped mountains in the north to tropical beaches in the south. 7. India faces challenges like poverty and environmental issues. With such adversity, India remains inspiring and dedicated to progress. 8. Many travellers explore India, for its deep spirituality, through yoga, meditation, and ancient traditions. 9. India plays a major role in the global economy with its growing middle class and consumer market and attracts significant foreign investment. 10. Overall, India is a remarkable and popular country that attracts people from all over the world with its ancient history and modern elements.

Ans: India is very special because of its multiple languages, incredible history, wonderful architecture and natural landscapes.

Ans: India has 22 officially recognised languages in the world. 2. India is the second largest producer of tea after China.  3. India is the home of the Taj Mahal, which is one of the most recognisable monuments in the world. 4. The Indian startup scene is incredible and has produced over 100 unicorn companies.  5. India is the birthplace of yoga, ayurveda, and medicine. 

Popular Essay Topics

This was an essay on I love my India. For more interesting topics on essays, visit our essay writing page and follow Leverage Edu.

Deepika Joshi

Deepika Joshi is an experienced content writer with expertise in creating educational and informative content. She has a year of experience writing content for speeches, essays, NCERT, study abroad and EdTech SaaS. Her strengths lie in conducting thorough research and ananlysis to provide accurate and up-to-date information to readers. She enjoys staying updated on new skills and knowledge, particulary in education domain. In her free time, she loves to read articles, and blogs with related to her field to further expand her expertise. In personal life, she loves creative writing and aspire to connect with innovative people who have fresh ideas to offer.

Leave a Reply Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Contact no. *

Connect With Us

45,000+ students realised their study abroad dream with us. take the first step today..

Resend OTP in

Need help with?

Study abroad.

UK, Canada, US & More

IELTS, GRE, GMAT & More

Scholarship, Loans & Forex

Country Preference

New Zealand

Which English test are you planning to take?

Which academic test are you planning to take.

Not Sure yet

When are you planning to take the exam?

Already booked my exam slot

Within 2 Months

Want to learn about the test

Which Degree do you wish to pursue?

When do you want to start studying abroad.

January 2024

September 2024

What is your budget to study abroad?

How would you describe this article ?

Please rate this article

We would like to hear more.

Have something on your mind?

Make your study abroad dream a reality in January 2022 with

India's Biggest Virtual University Fair

Essex Direct Admission Day

Why attend .

Don't Miss Out

be indian buy indian essay

• phd analysis
• phd writing
• thesis template
• thesis writing

We use cookies to ensure best experience for you

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalize content and targeted ads, analyze site traffic, and understand where our audience is coming from. You can also read our privacy policy , We use cookies to ensure the best experience for you on our website.

• Leaders Speak
• Brand Solutions
• 'Be Indian Buy Indian' vocal for local campaign

• ETBrandEquity
• Published On May 15, 2020 at 03:50 PM IST

• Updated On May 15, 2020 at 03:50 PM IST

All Comments

By commenting, you agree to the Prohibited Content Policy

Find this Comment Offensive?

• Foul Language
• Inciting hatred against a certain community
• Out of Context / Spam

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis., download etbrandequity app.

• Get Realtime updates
• Save your favourite articles

• coronavirus
• Indian company
• Kamdhenu Paints
• saurabh agarwal

• Latest Earnings
• Equities Stock Analysis Stock Movers Deals Gainers And Losers
• Technology Artificial Intelligence
• Web Stories
• Benzinga Inspire

Nomura Turns Bullish On Indian IT Stocks, Upgrades Infosys, Wipro, HCLTech To 'Buy'

Nomura has expressed optimism over the performance of the Indian information technology sector, expecting it to recover from FY26.

What Happened: The international brokerage forecasted that the June quarter will see the revenue growth in the Indian IT services sector bottoming out. The firm expects potential revenue acceleration from FY26. 

"We believe 1QFY25 will mark the bottom of sluggish revenue growth for the Indian IT services sector. While a strong recovery in discretionary demand may take a few more quarters, it is unlikely to worsen further," Nomura added.

For the period, it expects the strongest revenue of 2.5% quarter-over-quarter growth for Infosys and the weakest at 2% quarter-over-quarter decline from HCL Tech.

See Also: Brokerages See IndiGo As Good Bet To Cash In On Likely Air Fare Hikes, Shares Upbeat

In FY25, the company anticipates sector revenue growth to be driven by cost-cutting initiatives. Although hiring is projected to increase in the latter half of the fiscal year, businesses are likely to implement optimization strategies such as deferring and reducing salary increases to mitigate cost pressures.

Nomura has upgraded Infosys and HCL Tech to "buy" from "neutral" and TCS has been upgraded to "neutral" from "reduce". Wipro was upgraded to “buy” from “reduce” and for Tech Mahindra the firm maintained its “buy” rating. The firm's top pics in the sector are Infosys, Wipro and Tech Mahindra among the large caps.

Among the mid-cap firms, Nomura maintained its “Buy” call for Coforge and Birlasoft. Firstsource Solutions has been upgraded to “buy” from “neutral”.

The company says that an interest rate cut cycle, likely in the second half of 2024, and a relaxation in decision-making by U.S. corporations following the presidential elections in November 2024 is expected to stimulate demand. The company also anticipates the adoption of artificial intelligence to increase in the next 12-18 months. That is expected to further propel demand in cloud services and data standardisation, Nomura said.

The financial services giant expects the overall revenue growth of large-cap firms to rise from about 3% in FY25 to about 7.7% in FY26.

Price Action : Most of the technology stocks showed positive movement on Tuesday. Here’s a brief look at how they fared:

• Tata Consultancy Services (TCS) saw its share price increase by 0.68% to ₹4,005.25.
• HCL Technologies’ share price was up 1.33%, reaching ₹1,488.45.
• LTIMindtree’s shares climbed 1.44%, trading at ₹5,526.00.
• Tech Mahindra saw an increase of 1.57% in its share price to ₹1,495.25.
• Infosys’ share price rose by 2.46% to ₹1,629.90.
• Wipro’s shares also saw an uptick, gaining 2.83% to trade at ₹542.25.
• The Nifty IT index itself was up by 1.69%, marking it at 37,490.85.

Read Next: Angel One Shares Slump 8% After New SEBI Directive, Brokerage Slashes Target By 21%

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel .

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Birla's UltraTech buys stake in rival to defend Indian cement lead against Adani

• Medium Text

Sign up here.

Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles. New Tab , opens new tab

Thomson Reuters

Hritam reports on Indian companies with added focus on property and infrastructure firms. He previously worked as India reporter with two Vermont, USA-based newspapers. He is an alum of Indian Institute of Mass Communication, New Delhi and St. Xavier's College, Kolkata.

Business Chevron

Japan's service activity slips for first time in 2 years, pmi shows.

Japanese service activity contracted for the first time in nearly two years in June as domestic demand cooled, a private sector survey showed on Wednesday, although business confidence and hiring indicators remained upbeat.

Indian oil refiners are using China's yuan instead of the US dollar to buy Russian crude

• Indian oil refiners are turning to the yuan for some purchases of Russian crude, sources told Reuters.
• The US dollar is typically used in international oil transactions.
• Russian oil imports into India jumped for a 10th straight month in June, hitting a record 2.2 million barrels a day.

Indian refiners are starting to purchase Russian crude imports using the Chinese yuan, as Western sanctions continue to redefine global currency usage.

Although India does not officially recognize the West's measures against Russia for its war on Ukraine, the fear of potential secondary sanctions has made Indian banks wary of using US greenbacks for Russian imports. 

In June, Indian Oil was the first state refiner to pay for Russian crude in yuan, while at least two of India's three private refiners have completed similar transactions, sources told Reuters .

Previously, India had requested banks to avoid the yuan's use in Russian transactions, due to the geopolitical friction New Delhi has maintains with Beijing. Whether this has changed is unclear, Reuters reported.

Meanwhile, Bloomberg reported that two more state refiners, Bharat Petroleum and Hindustan Petroleum, are also considering the yuan's use, as a way to widen currency alternatives .

The US dollar is typically used in international oil transactions. In India, most payments are in dollars and United Arab Emirates dirhams. But fears of currency risks have prompted importers to seek other options, sources told Bloomberg.

Indian efforts to allow the rupee to be used for oil purchases have largely been futile, with Moscow unable to convert the large rupee stockpile it currently sits on. 

Meanwhile, the curtailment of Moscow's energy exports to the West rerouted them to new markets at discounted prices, benefitting countries such as India and China. 

In fact, Russian imports into India jumped for a 10th straight month in June, hitting a record 2.2 million barrels a day, according to Kpler.

The increased adoption of the yuan is good news for Beijing, which has been actively pushing for the currency's role in cross-border trade agreements, in a gradual effort to unseat the dollar. The yuan has also brought some relief to Russia, which relies on the currency to circumvent Western measures . 

While a large part of China's own energy trade with Russia has been yuan-denominated, last month also saw Pakistan pay for Moscow crude in the currency.

• Main content