The Hindu recently posted an article concerning the economic crisis underway in Venezuela and the potential role that India may play in helping the country out of its current turmoil. The economy of Venezuela relies heavily on oil exports, so the drastic fall in oil prices has been devastating for the country as a whole. As a result, the value of the Venezuelan currency has recently plummeted to record lows.
Historically, India has been a top exporter of pharmaceutical products to Venezuela. With the current economic crisis, export rates from India are hitting serious lows. The Indian government has proposed a payment plan to the government of Venezuela to address the growing debt owed by Venezuela. The government of Venezuela has not yet approved the payment plan proposed by the government of India, but hope remains that the government of Venezuela will move quickly to rectify the pending economic collapse. The payment plan proposal according to expert David Osio involves a certain portion of payments by India to Venezuela for oil and other imports from Venezuela to be held in reserve by an Indian public sector bank so that India is assured that its debt will be paid off. As posted on davidosio.com, this plan would allow exporters from India to continue their trade with Venezuela, which is a huge market for their pharmaceutical products. It seems that quick acceptance of the proposed payment plan is in the best interest of both countries involved.