https://sputniknews.in/20240528/indias-engineering-exports-to-russia-hits-record-high-7466247.html
India's Engineering Exports to Russia Hit Record High
India's Engineering Exports to Russia Hit Record High
Sputnik India
Russia has emerged as India's fourth-largest trading partner, with a staggering total trade figure of $65.7 billion. This thriving partnership is predominantly fueled by substantial oil imports to India.
2024-05-28T17:07+0530
2024-05-28T17:07+0530
2024-05-28T17:25+0530
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India has witnessed a significant surge in the export of engineering goods, machinery, machine parts, and aircraft spares to Russia, while pharmaceuticals, tea, coffee, and tobacco exports have decreased, a report by the Times of India said.The report highlights that India's export trends have been reshaped over the past financial year, specifically in the engineering and machinery sectors, largely due to the geopolitical setting amid Western sanctions on Russia due to the ongoing conflict with Ukraine.While this has led to an increase in opportunities for India in the Russian market, the government has implemented several measures to address banks' hesitancy in processing transactions and help exporters navigate the complexities of the sanctions.Equally, due to the rise in de-dollarisation, Russian exporters are now permitted to invest more easily using rupee payments facilitated by the Reserve Bank of India.Industry experts have also pointed to the rerouting of some goods destined for Russia through the UAE, which has proven to be a beneficiary of the ongoing geopolitical tensions between Ukraine and Russia.
https://sputniknews.in/20240520/india--russia-reach-record-175-billion-in-trade-during-january-march-period-7410037.html
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export of engineering goods, machinery, machine parts, aircraft spares, export, pharmaceuticals, tea, coffee, tobacco, commerce and industry ministry, western sanctions on russia, conflict with ukraine, india's export patterns, engineering, machinery sectors, russian market, rupee payments, reserve bank of india (rbi), uae, geopolitical tensions
export of engineering goods, machinery, machine parts, aircraft spares, export, pharmaceuticals, tea, coffee, tobacco, commerce and industry ministry, western sanctions on russia, conflict with ukraine, india's export patterns, engineering, machinery sectors, russian market, rupee payments, reserve bank of india (rbi), uae, geopolitical tensions
India's Engineering Exports to Russia Hit Record High
17:07 28.05.2024 (Updated: 17:25 28.05.2024) Russia has emerged as India's fourth-largest commercial partner, with a staggering total trade turnover of $65.7 billion. This thriving partnership is predominantly fueled by significant oil imports to India, which, in turn, has exported machinery and engineering goods.
India has witnessed a significant surge in the export of engineering goods, machinery, machine parts, and aircraft spares to Russia, while pharmaceuticals, tea, coffee, and tobacco exports have decreased, a report by the Times of India said.
The report highlights that India's export trends have been reshaped over the past financial year, specifically in the engineering and machinery sectors, largely due to the geopolitical setting amid Western sanctions on Russia due to the ongoing conflict with
Ukraine.
Meanwhile, according to the official data from the Commerce and Industry Ministry, India's total trade to Russia in 2023 exceeded 35% of all its exports ($4.3 billion) and was largely driven by engineering goods. Of the $1.2 billion increase in exports to Russia, nearly half was attributed to machines and machine parts, including electronics.
While this has led to an increase in opportunities for India in the Russian market, the government has implemented several measures to address banks' hesitancy in processing transactions and help exporters navigate the complexities of the sanctions.
Equally, due to the rise in de-dollarisation, Russian exporters are now permitted to invest more easily using rupee payments facilitated by
the Reserve Bank of India.
Industry experts have also pointed to the rerouting of some goods destined for Russia through the
UAE, which has proven to be a beneficiary of the ongoing geopolitical tensions between Ukraine and Russia.
