Indias Rouble Debt and Depreciating Rouble

India's Rouble Debt and Depreciating Rouble Nirmal Kumar Chandra This paper assesses the India-Russia agreement on the size and modalities of repayment of India's rouble debt from two different angles. The first consists of examining the distribution of the gains of India's trade with the former Soviet Union. The focus is on the unit values of the commodities exchanged, particularly our arms imports financed through Soviet credits. The other aspect concerns the nature of the rouble as a currency up to 1989 and after, on which score there appears to be very widespread misconception.