2024-11-14 06:50:00
INDIA, RUSSIA TRADE: UP 5 TIMES
BLOOMBERG - Nov 11, 2024 - India is pushing for more trade with Russia to be settled in rupees as commerce between the two countries sharply increases.
“Mutual settlement of trade in national currencies is of great importance,” External Affairs Minister Subrahmanyam Jaishankar said on Monday speaking at the India-Russia Business Forum in Mumbai and attended by Russia’s First Deputy Prime Minister Denis Manturov.
Trade between the traditional allies have shot up five times in the past three years, according to trade ministry data, as India lapped up Russian crude oil while most others shunned its barrels following the invasion of Ukraine. “Our bilateral trade is today at $66 billion,” Jaishankar said. “This makes the goal of reaching $100 billion by 2030 more than realistic.”
Settling trade in the local currency with some of its partners such as Russia will help New Delhi reduce dependence on the dollar and partly insulate its economy from global shocks. However, the push hasn’t achieve desired results yet.
India runs a huge trade deficit with Russia of $57 billion, according to government data, meaning it buys more from Moscow than it supplies. That leaves Russia with more Indian rupees than it needs for buying goods such as electronics, medicines, seafood and steel from the South Asian nation.
“The balance of trade, however, needs urgent redressal since it is so one-sided,” Jaishankar said, while calling Russia to ease non-tariff barriers and “regulatory impediments” to help boost Indian shipments.
India mainly imports oil and defense equipment from Russia, and has been trying to work a delicate balance with the US from which it seeks technology and capital. India has maintained its friendly relations with Russia despite objection from countries such as Germany, Japan and the US.
Russia wants to diversify trade with India by increasing the share of non-raw materials and high-tech products such as “unmanned technologies” and renewable energy, Manturov said at the same event, according to a statement from the Russian Embassy in New Delhi.
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