India to increase Exports To Russia By Additional INR 15000 Crores
Historically India has been the leader of the NON ALIGNED. Even during cold war period between the warring West led by USA and USSR when India was neither an economic power nor a military power, it could not be dictated to.
India always attempted a neutral stance on tensions between major powers. This continues even today when it is a World Power. Also it does not prevent it from joining Cooperation groups such as the Quad grouping with Australia, Japan and the U.S.
So even with the Russia Ukraine war going on full blast With the West running round like a headless chicken and throwing sanctions at Russia, India is going ahead full blast to boost its trade. Indian shipments to Russia will be increasing by an additional INR 15000 Crores. To nullify the Western sanctions, the two nations have worked out a payment system in local currencies to continue bilateral trade.
To do this, the Indian administration is in talks with Russian administration to liberalize market access for several Indian-made products. This comes as the two governments work toward a proposal to settle trade in rupees and roubles and look for ways to balance the trade given that India is a net importer of Russian goods.
India is looking to export products supplied by countries who have halted shipments after U.S. and its allies imposed sanctions. India us neither a military ally of USA nor its lackey and therefore is not hesitating in looking after its economic interests. India will abide only by those sanctions which are legally imposed by the United Nations or by India itself.
On the list are pharmaceutical products, plastics, organic and inorganic chemicals, home furnishings, rice, beverages such as tea and coffee, milk products, and bovine products.
India has come under severe criticism by the Western Bloc for lifting imports of oil to take advantage of a dip in prices. India has turned a deaf ear to such double standards of the West as they themselves continue to import oil and gas from Russia. Also Russia being a close friend, shall not be ditched at any cost.
India has stood its ground even after U.S., Europe, Australia and Japan piled economic sanctions onto Russia in response to its war against Ukraine. President Joe Biden met with PM Modi virtually on Monday and conveyed that the U.S. stands ready to help India diversify its energy imports, which would make it less reliant on Russia. He forgets that Russia is a close friend of India and friendship is based on equality and mutual trust.
An analysis by the trade department shows that India can easily scale up exports to Russia in the top 20 items it needs to imports. Marine products, textiles and apparel, footwear, machinery, and electronics are some of the other items India is seeking to send to Russia.
Currently, India’s exports to Russia stand at a miniscule INR 22500 Crores compared to the over INR 510000Crores of shipments to the U.S. It could be higher but for steep logistics cost, sanitary rules, the language barrier and lower allocations in government procurement done by Russian state-run firms.
Total bilateral trade between the two countries stood at INR 88500 Crores in the first 11 months starting April 2021, higher than INR 60750 Crores recorded for the previous full-year.
