https://sputniknews.in/20230718/russia-india-economic-relationship-will-continue-to-grow-expert-says-3054972.html
Russia-India Economic Relationship Will Continue to Grow, Expert Says
Russia-India Economic Relationship Will Continue to Grow, Expert Says
Sputnik India
The Russia-India economic relationship will continue to expand because of New Delhi’s huge demand for energy in coming years, an Indian expert has told Sputnik.
2023-07-18T16:18+0530
2023-07-18T16:18+0530
2023-07-18T16:19+0530
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The Russia-India economic relationship will continue to expand because of New Delhi’s huge demand for energy in the coming years, an Indian expert has told Sputnik.The International Energy Agency (IEA) has said in a new report released this week that around three-quarters of the increase in crude demand between 2022 and 2028 was projected to come from Asia, with India forecast to overtake China as the “main source of growth” by 2027.According to the IEA, Russia is among the world's three biggest oil producers. In 2021, oil and gas revenues accounted for 45 percent of its federal budget, the agency has said.According to government data, India imported around 32 million tonnes of crude from Russia in 2022-23, amid a global volatility in oil prices caused by Western-led efforts to phase out Russian commodities from global supply chains in view of the special military operation.Industry data cited by Reuters has shown that Russia has emerged as India’s top crude supplier this year, in what constitutes a further deepening of energy ties. At current levels, New Delhi is reportedly importing over two million barrels per day (bpd) of crude oil from Russia.Overall, Indian Foreign Minister S. Jaishankar has said that bilateral trade surpassed $45 billion in 2022-23, making Moscow one of India’s five biggest trading partners last financial year.Russia to Remain India’s Top Arms’ Supplier: ChenoyChenoy reckoned that Moscow would continue to be India’s top supplier of advanced weapons systems and other military requirements in the coming years.The former dean said that Moscow’s credentials as a supplier of state-of-the-art military hardware have been burnished due to the ongoing military operation in Ukraine.India, which has disputed borders with its biggest neighbors China and Pakistan, was among the biggest defense spenders globally in 2017-22, according to data published by Swedish think tank Stockholm International Peace Research Institute (SIPRI). New Delhi lapped up 11 percent of the global military imports in the period, the think tank said this year.It also noted that India met around 45 percent of its overall military requirements from Russian exports during the period.‘Trade Imbalance Must be Addressed’Chenoy flagged the issue of “trade imbalance” between the two nations as a “concern” for the bilateral economic relationship.In May, Russian Foreign Minister Sergey Lavrov told reporters on the margins of Shanghai Cooperation Organization (SCO) Council of Foreign Ministers (CFM) meeting in Goa that billions of Indian rupees in bank accounts needed to be “transferred to another currency”.Both governments have said that they are trying to address the trade issues, including through expediting negotiations for an India-Eurasian Economic Union (EAEU) free trade pact, which would enable greater market access for Indian manufacturers to Russian markets.In fact, India’s market regulator Securities and Exchange Board of India (SEBI) sanctioned the registrations of three Russian foreign portfolio investors (FPIs), including Alfa Capital Management Company, in the Indian market in May.
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Russia-India Economic Relationship Will Continue to Grow, Expert Says
16:18 18.07.2023 (Updated: 16:19 18.07.2023) According to Indian Commerce Ministry data accessed by Sputnik, Russia ranked as India’s third-biggest trading partner in January-May, in what is a new high for the bilateral relationship.
The Russia-India economic relationship will continue to expand because of New Delhi’s huge demand for energy in the coming years, an Indian expert has told Sputnik.
“It is excellent for India that it is getting oil at discounted prices since last year. The demand for oil in India is massive since it is a developing economy and is largely reliant on imports to meet its energy requirements,” remarked Anuradha Chenoy, the former dean of the School of International Studies (SIS) at New Delhi’s Jawaharal Nehru University (JNU).
The International Energy Agency (IEA) has said in a new report released this week that around three-quarters of the increase in crude demand between 2022 and 2028 was projected to come from Asia, with India forecast to overtake China as the “main source of growth” by 2027.
According to the IEA, Russia is among the world's three biggest oil producers. In 2021, oil and gas revenues accounted for 45 percent of its federal budget, the agency has said.
According to government data, India imported around 32 million tonnes of crude from Russia in 2022-23, amid a global volatility in oil prices caused by Western-led efforts to phase out Russian commodities from global supply chains in view of the
special military operation.
Industry data cited by Reuters has shown that Russia has emerged as India’s top crude supplier this year, in what constitutes a further deepening of energy ties. At current levels, New Delhi is reportedly importing over two million barrels per day (bpd) of crude oil from Russia.
Overall, Indian Foreign Minister
S. Jaishankar has said that
bilateral trade surpassed $45 billion in 2022-23, making Moscow one of India’s five biggest trading partners last financial year.
Russia to Remain India’s Top Arms’ Supplier: Chenoy
Chenoy reckoned that Moscow would continue to be India’s top supplier of advanced weapons systems and other military requirements in the coming years.
The former dean said that Moscow’s credentials as a supplier of state-of-the-art military hardware have been burnished due to the ongoing military operation in Ukraine.
“Russia has displayed its state-of-the-art defense capabilities during the ongoing special military operation in Ukraine,” she said.
India, which has disputed borders with its biggest neighbors China and Pakistan, was among the biggest defense spenders globally in 2017-22, according to data published by Swedish think tank Stockholm International Peace Research Institute (SIPRI).
New Delhi lapped up 11 percent of the global military imports in the period, the think tank said this year.
It also noted that India met around 45 percent of its overall military requirements from Russian exports during the period.
‘Trade Imbalance Must be Addressed’
Chenoy flagged the issue of
“trade imbalance” between the two nations as a “concern” for the bilateral economic relationship.
“It is excellent that the trade relationship is booming. But the concern for both the governments right now is the trading in other commodities and products, which should also increase in line with the overall economic relationship. Russia has been accumulating billions of Indian rupees as a result of India’s growing crude imports. It has been unable to use these funds due to sanctions and other difficulties,” Chenoy said.
In May, Russian Foreign Minister Sergey Lavrov told reporters on the margins of Shanghai Cooperation Organization (SCO) Council of Foreign Ministers (CFM) meeting in Goa that billions of Indian rupees in bank accounts needed to be “transferred to another currency”.
Both governments have said that they are trying to address the trade issues, including through expediting negotiations for an India-Eurasian Economic Union (EAEU) free trade pact, which would enable greater market access for Indian manufacturers to Russian markets.
For her part, Chenoy suggested that Russia could invest in joint ventures in India, or financial instruments such as Indian stocks and treasury bonds.
In fact, India’s market regulator Securities and Exchange Board of India (SEBI) sanctioned the registrations of
three Russian foreign portfolio investors (FPIs), including Alfa Capital Management Company, in the Indian market in May.
Chenoy also said that Russian businesses needed to “forge deeper bonds” with their Indian counterparts, particularly in areas such as pharmaceuticals, textiles and food products, in which New Delhi has been emerging as a leader.
