New Delhi: India and its allies have been shocked since India started buying crude oil at reasonable prices from Russia to meet its needs. Against which European countries are not ready to reduce their energy imports from Russia. Despite sanctions against Russia, India is working on a plan to increase its imports.
According to a report by a foreign finance company, India is once again going to make a big deal with Russia. India is planning an additional 2 billion trade deal with Russia. According to experts, a plan is being worked out between the two countries to continue in local currency. Russia and Ukraine have been at war for the past 48 days, with Russia continuing to oppose the war and imposing sanctions on it. And in the midst of such a situation this trade is happening.
Generous communication to the market of products made in India
According to reports, the Modi government is in talks with Russia to liberalize the market for many Indian-made products. The information comes at a time when the two governments are working on a proposal to trade in rupee and ruble to find a way to balance trade. The report claims that the Commerce Ministry did not respond to emails sent commenting on it.
India engaged in growing exports to Russia – report
According to sources, India now needs to export these goods to Russia, which has been shut down by various countries as a result of restrictions imposed by the US and its allies. These items include pharmaceutical merchandise, plastics, natural and inorganic chemicals, home furnishing, rice, tea and occasionally, milk trade, etc. Russia has been criticized by India for increasing its imports after the fall in oil prices. In a digital assembly between US President Joe Biden and Prime Minister Narendra Modi on Monday, Biden also said that he was capable of cooperating with India so that it would not have to rely too heavily on Russia for its vitality. .
India’s exports to Russia increase: report
An analysis of trade department data shows that exports from India to Russia are currently very low at 3 billion. By comparison, it exports more than 68 68 billion to the US. It may be high, but it is not due to logistics costs, hygiene regulations, language barriers and its low allocation to Russian state companies. In the 11 months prior to April 2021, India’s total bilateral trade with Russia was .8 11.8 billion. This is up from 8.1 billion for the previous full year. India can easily increase exports of 20 items required by Russia. Items that India can export include marine products, clothing and apparel, footwear, machinery and other items including electronics.
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