An official claimed that the commerce ministry has given exporters a list of hundreds of products, including auto parts and textiles, that Russia has given India for import. Russia has revealed a list of hundreds of products from industries like medicines, textiles, auto components, and chemicals that are included in the sanctions that western nations have placed on it as a result of its invasion of Ukraine.
“These items are being sought for by Russia from India. The ministry has given the exporters and concerned export promotion councils access to the list so they may determine whether they can send those goods to Russia “added the official.
According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to the availability of containers for Russia.
“These goods might be available from Indian exporters, but there are currently very few ships and containers available for Russia. Even though there are relatively few companies accepting orders for Russia, Indian exporters are unable to supply even though they have the necessary supplies “explained one of the specialists.
The clothing business has expressed interest in transporting the products, while the motor industry appears uneasy. Regarding the list, some exporters have contacted the Indian embassy in Moscow.
Russian buyers are inquiring about a wide range of Indian products, according to Federation of Indian Export Organizations (FIEO) Director General Ajay Sahai.
“Indian exporters are evaluating the proposal as they have to be careful with the sanctions, with their diversified exports basket covering the US and the European Union. With payment mechanisms all set to take off in a couple of days and logistics options opening up, we are hopeful that shipments will start under this mechanism from the current month,” Sahai said.
Axles, crankshafts, fasteners, pistons, drive shafts for power steering pumps, oil pumps, valve springs, turbochargers, oil filters, spark plugs, ignition coils, seat belts, bumpers, welding supplies, bearings, breaks, sterilization tools, a variety of active pharmaceutical ingredients (APIs), and fruit and vegetable concentrates are among the listed goods.
India now receives a significant amount of oil from Russia. Since it began trading at a discount as the West avoided it as retaliation for Moscow’s invasion of Ukraine, India’s thirst for Russian oil has increased.
With a bilateral trade of USD 22.7 billion during the six-month period, Russia has risen to become India’s fifth-largest trading partner this fiscal year.
At the same time, exports totaled USD 1.3 billion and imports totaled USD 21.4 billion.
Russia ranked as India’s 25th-largest trading partner in 2021–22, with a 13.12 billion USD in bilateral trade. At the same time, exports totaled USD 3.25 billion and imports totaled USD 9.9 billion.