India's EV sales have been booming since its government provided subsidies to help consumers purchase electric vehicles, The Economic Times reported.

India looks set to be the economic standout in the year ahead, with the central bank forecasting 6% growth for the next fiscal year starting in March.

Stocks in China suffered their biggest fall in seven weeks, while Hong Kong, Tokyo, Sydney and most of Southeast Asia also declined. Indian markets, however, enjoyed a small rise.

Each electric bus costs 12.5 million rupees ($151,138), about five times that of a diesel one

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