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Modi Confirmed Russia's Economic Indispensability for India: Expert
Modi Confirmed Russia's Economic Indispensability for India: Expert
Sputnik India
Prime Minister Narendra Modi's statements on Russian role in addressing India's food and energy security show that Moscow remains an "indispensable economic partner" for India, a geopolitical analyst told Sputnik India after the leadership talks in Moscow.
2024-07-10T15:43+0530
2024-07-10T15:43+0530
2024-07-10T15:43+0530
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Prime Minister Narendra Modi's statements on Russia's crucial role in addressing India's food and power security show that Moscow remains an essential economic partner for India, a geopolitical analyst told Sputnik India after the leadership talks in Moscow.The 81-paragraph joint statement following the 22nd Annual Summit has called for signing "long-term" power contracts for supplying Russian crude to India, as well as continued and "sustainable supply" of fertilizers.Marjani stated that Moscow's supply of food grains to other Global South countries, including Africa and Latin America, has helped in alleviating the global food crisis in the wake of COVID-related disruptions and the Ukraine Conflict.The think-tanker recalled that New Delhi has been highlighting all along that the spillover effects of the Ukraine crisis, which are driven by western sanctions, have had adverse effects on the Global South nations. And that was one of India's main message during its G20 presidency, according to the expert.Modi Thanks Russia for Addressing Fertilizer ShortagesIndian Prime Minister and Putin held talks aimed at diversifying bilateral cooperation in trade, commerce, security, agriculture, technology and innovation.In his opening remarks, Modi expressed his gratitude to the Russian president for his support in addressing the crisis related to food, fuel and fertilizers.India has increased government-to-government imports of Diammonium Phosphate (DAP), Potash, Nitrogen, Phosphorus, Potassium (NPK) fertilizers since 2022, according to reports.Meanwhile, Indian Foreign Secretary Vinay Kwatra, while addressing a special briefing after Modi-Putin talks, underscored that the Indian leader "focussed heavily" on the topic of Russian fertilizer exports to India.Energy CooperationDuring the Summit Modi said that Russia's support had also helped India in shielding its citizens from inflation caused by a spike in energy prices.Since last year, Russia has ranked as India's top source of crude, accounting for between 30-40% of the overall imports of New Delhi, which relies on imports for meeting 85% of its energy requirements.Despite unprecedented western sanctions against Russia, bilateral trade volumes surged to an all time high of $65 billion in 2023-24, largely on account of oil exports.Both the countries have set a trade target of $100 billion by 2030, according to the Joint Statement following the Summit.
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Modi Confirmed Russia's Economic Indispensability for India: Expert
Talks between Modi and Putin, who co-chaired the 22nd Annual Summit, heavily focussed on deepening economic cooperation between the two countries, with a focus on expanding energy, trade and investment ties as well as increasing Indian exports.
Prime Minister Narendra Modi's statements on Russia's crucial role in addressing India's food and power security show that Moscow remains an essential economic partner for India, a geopolitical analyst told Sputnik India after the leadership talks in Moscow.
"Russia has proven to be an indispensable partner for India. In recent times, Russian supplies of fertilizer and crude to the country have resulted in diversification of trade beyond the traditional area of defence," highlighted Niranjan Marjani, a fellow at Indian think tank Kalinga Institute of Indo-Pacific Studies (KIIPS). "Moreover, as rightly pointed out by Prime Minister Modi, India’s procurement of crude from Russia have stabilised the global energy market."
The 81-paragraph joint statement following the 22nd Annual Summit has called for signing "long-term" power contracts for supplying Russian crude to India, as well as continued and "sustainable supply" of fertilizers.
Marjani stated that Moscow's supply of food grains to other Global South countries, including Africa and Latin America, has helped in alleviating the global food crisis in the wake of COVID-related disruptions and the Ukraine Conflict.
"In a way, India-Russia partnership not only benefits bilateral ties, but also the entire world community," Marjani said.
The think-tanker recalled that New Delhi has been highlighting all along that the spillover effects of the Ukraine crisis, which are driven by western sanctions, have had adverse effects on the Global South nations. And that was one of India's main message during its G20 presidency, according to the expert.
Modi Thanks Russia for Addressing Fertilizer Shortages
Indian Prime Minister and Putin held talks aimed at diversifying bilateral cooperation in trade, commerce, security, agriculture, technology and innovation.
In his opening remarks, Modi expressed his gratitude to the Russian president
for his support in addressing the crisis related to food, fuel and fertilizers.
Prime Minister highlighted Russia's critical role in addressing the fertilizer shortages in the country caused in the wake of Ukraine crisis. He said that it was due to its strategic partner that India was able to provide fertilizers to its farmers.
India has increased
government-to-government imports of Diammonium Phosphate (DAP), Potash, Nitrogen, Phosphorus, Potassium (NPK) fertilizers since 2022, according to reports.
Meanwhile, Indian Foreign Secretary Vinay Kwatra, while addressing a special briefing after Modi-Putin talks, underscored that the Indian leader "focussed heavily" on the topic of Russian fertilizer exports to India.
During the Summit Modi said that Russia's support had also helped India in
shielding its citizens from inflation caused by a spike in energy prices.
Since last year, Russia has ranked as India's top source of crude, accounting for between 30-40% of the overall imports of New Delhi, which relies on imports for meeting 85% of its energy requirements.
Despite unprecedented western sanctions against Russia, bilateral trade volumes surged to an all time high of $65 billion in 2023-24, largely on account of oil exports.
Both the countries have set a trade target of $100 billion by 2030, according to the Joint Statement following the Summit.
Modi also thanked Putin for supporting India's 'Make in India' programme, which he said has helped in creating employment opportunities for the country's youth.
