According to data shared by the commerce ministry, India's imports from Russia have experienced a remarkable surge, nearly doubling to an impressive $25.69 billion during the April-August period of the fiscal year 2024.
The imports from Russia were recorded to be $13.77 billion during the same period in the year of 2022.
According to the ministry, the main reason behind the increase in the import is the surge in inbound shipments of crude oil and fertiliser.
The increase in the import has also placed Russia as India’s second-largest importer during the first five months of this financial year.
Russia remains the top oil supplier of India despite its share in the country’s crude oil import falling to 34 per cent in August from 42 per cent in July.
Meanwhile, the ministry's data showed that imports from China and the US fell to $42 billion and $18 billion respectively over the same period.
Previously, imports from China were $43.96 billion, while imports from the US were $22.32 billion in the same period last year.