Trade between India and Russia is set to reach a record high in 2022-23 despite Western pressure amid the ongoing Ukraine war.
According to Alexey Valkov, director of the St Petersburg International Economic Forum (SPIEF), trade between the two countries is set to reach a new high of $39.8 billion in 2022-23.
Noting New Delhi as an emerging export destination, Valkov, who organized a mega Indo-Russian business summit in the national capital between March 29-30, asserted that India is a major market for drugs, automobiles and machine components. , growing as an important provider of textiles and clothing, and foodstuffs to Russia.
The growth in bilateral trade coincided with large purchases of subsidized Russian oil by India. Pointing to five key areas of potential cooperation, Valkov said: “After the withdrawal of Western firms, Indian business has an opportunity to fill vacancies in other sectors of the Russian economy.” medium enterprises (SMEs), digital transformation and cutting edge technologies, and manufacturing and trading.
Russia is one of the top 5 Indian trading partners
According to Valkov, who urged Indian firms to participate in SPIEF, Russia has become one of India’s top five trading partners for the first time. “Visas are easily obtained and SPIEF participants can do business while enjoying Russian hospitality,” Valkov said.
He said that Russia imports tea and coffee as well as rice, fruits, seafood and confectionery from India.
The director said Russia’s exports include mineral oils and fuels, natural resources, precious stones and metals, fertilizers, project goods, vegetable oils, rubber and rubber products, paper and cardboard, iron and steel, inorganic chemicals, plastic products and pharmaceuticals. Are included. To India
A joint venture between Russian firm JSC Metrovagonmash-Mytishchi and RVNL coach builder in Latur will also produce around 120 Vande Bharat trains.
Speaking about the newly established Rupee-Ruble trade settlement system, SPIEF director claimed that transactions in national currencies promote sovereignty and will help in saving time and reduction in costs.