The trade partnership between Russia and India has ushered in a new era. This has taken many countries by surprise. According to the Observatory of Economic Complexity, a global trade statistics platform, India has increased monthly imports from Russia by 430 per cent compared to the five-year average.
Trade turnover between Russia and India exceeds $18.2 billion
India’s Ministry of Industry and Trade reported that the trade turnover between Russia and India exceeded $18.2 billion in the first five months of the fiscal year. The increase in trade between the two countries has made Russia the country’s seventh largest trading partner. Let us tell you, in 2021 it was ranked 25th with a total business turnover of $ 13.1 billion.
India’s imports from Russia amounted to $17.2 billion in total bilateral trade from April to August, while Russia’s Indian exports totaled $992.73 million. The introduction of transport along the International North-South Transport Corridor (INSTC) and the partnership relations established between the countries in recent years have largely contributed to bilateral trade growth.
Vladimir Putin said a big thing
Russian President Vladimir Putin at the Valdai Club meeting said, “Our economies are becoming more profitable because of dialogue. Prime Minister Modi’s leadership has made many achievements in recent years and trade between our countries is increasing. For example For this, Prime Minister Modi asked me to supply more fertilizers, which are important for Indian agriculture, and we have done so. We have increased our fertilizer exports to India by 7.6 per cent.”
Trade in agricultural commodities doubled between countries
He also mentioned that trade in agricultural commodities between the two countries has doubled. Former CEO of State Bank of India (SBI) S. “Indian entrepreneurs should take advantage of the current situation in Europe to strengthen trade ties with Russia,” Adikeshavan said.
“After the imposition of anti-Russian sanctions by the West, the trade turnover between Russia and India increased. Trade in INR and RUB will help India reduce its dependence on the US dollar,” he said.
India got relief
Increased energy exports from Russia have already allowed India to advance its energy relief plan, while trade growth has enabled the country to increase its GDP and become a leader in the world’s economies. The development of international economic and transport corridors such as INSTC is critical to these efforts.
Speaking at an international conference on Central Asia in Bishkek, Professor Agnieszka Kuczeska of the Polish Institute for the Middle and Far East said the 7,200-km-long INSTC would serve as a geo-strategic alternative to China’s New Silk Road as determined by the Belt and Road Initiative. works in.
Latest Business News
function loadFacebookScript(){
!function (f, b, e, v, n, t, s) {
if (f.fbq)
return;
n = f.fbq = function () {
n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments);
};
if (!f._fbq)
f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s);
}(window, document, ‘script’, ‘//connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1684841475119151’);
fbq(‘track’, “PageView”);
}
window.addEventListener(‘load’, (event) => {
setTimeout(function(){
loadFacebookScript();
}, 7000);
});
,