Indo – Russian friendship has vast potential
It is stated that India and Russia have very strong historical relationship and that’s something which for manufacturing and Make in India is very important.
India is the world’s third largest importer of crude oil after China and the US
India sees the vast potential of collaborating with Russia within the framework of the Make in India program, said India’s Sherpa in the Group of Twenty (G20) Amitabh Kant.
“I see a huge amount of potential with Russia in the Make in India program. I see that potential in gas, in oil sector. I see this potential in mobile telephony, in the capital goods sector and in a range of other sectors,” Kant said.
“India and Russia have very strong historical relationship and that’s something which for manufacturing and Make in India is very important,” the G20 Sherpa noted. “We continue to push for greater Russian companies, all the big companies to come in to manufacture for metros, for railways, for defense, for capital goods. I think we have had a very good participation from Russia in the Make in India program,” he said.
“We have a particular relationship with Russia on a range of areas, particularly defense manufacture, we do a lot of component manufacture, we do a lot of defense manufacture, we work with Russian companies on a lot of capital goods. We work with Russian companies in the pharmaceutical sector,” Kant added.
Meanwhile India will continue to buy as much oil from Russia as possible, the two countries are also looking for ways to trade in national currencies.
After the introduction of anti-Russian sanctions by the USA and West Europeans, India which decides its own foreign policy and upholds only UN Sanctions, did not stop oil supplies from Russia.
India continued to buy oil from Russia, and Russia has continued to see Russian oil companies investing in India. So, India continues to buy as much oil as possible from Russia, and will continue to do this. India will continue to build its friendship and relationship with Russia.
According to Amitabh Kant, “India’s relationship with Russia is intact.”The Indian Sherpa in the G20 also drew attention to the fact that Moscow and New Delhi are exploring various options so that the two countries can trade in national currencies.
“We’re looking at these opportunities with Russia,” Kant said.
India, the world’s third largest importer of crude oil after China and the US, is actively buying Russian oil. At the beginning of 2022, Russia’s share in India’s oil import basket reached only 0.2%, by the end of the year it had grown to almost 1 million barrels per day, which was more than 20%.
New Delhi did not support the cap the West imposed on Russian oil prices. As Indian Minister of Oil and Gas Hardeep Singh Puri stated earlier, oil does not have the stigma of any country, and India will continue to pursue an independent policy to ensure its energy security
