Picture for representation only

The Society of Indian Automobile Manufacturers (SIAM) has approached the Government to consider a rupee-based payment mechanism for trading with African nations such as Algeria and Nigeria. They have made the suggestion to the Department of Commerce. The Department of Commerce, Government of India is yet to take a decision on their suggestion.

The quantum of total vehicle export in 2015-16 was US $ 8857 million and the share of vehicle export to Africa during this period was US $ 2011 million, which is about 23 % of total vehicle export during 2015-16.