The Ministry of Commerce and Industry has given exporters a listing of 100s of products, including auto parts and textiles, that the Russian Federation has given India for import. Russia has listed 100s of products from industries like medicines, textiles, and automotive parts, as well as chemicals included in the sanctions that western nations have placed on it due to its war in Ukraine.
The Russian Federation from India is seeking these items. The Government ministry has given the exporters, and associated export promotion committees access to the listing so they may determine if they can send those goods to Russia. Industry analysts claim that because Indian exporters are having trouble finding containers for the Russian Federation, it will be difficult to transfer these commodities there.
These goods might be available from Indian exporters; however, there are very few ships and containers available for the Russian Federation. India’s exporters cannot supply despite having the necessary materials since only a small number of companies accept orders from Russia.
The clothing business has expressed interest in transporting the products, while the motor industry appears uneasy. Few exporters have contacted the Embassy of India in Moscow regarding the listing.
With a diverse export portfolio including the United States and the European Union, exporters of India are assessing the suggestion since they must be cautious with the restrictions. There’s an optimism that shipments will begin using this system from the current month because payment methods are ready to launch in a few days, and logistics choices are becoming available.
Crankshafts, axles, pistons, bumpers, drive shafts for power steering pumps, fasteners, oil pumps, valve springs, oil filters, spark plugs, turbochargers, ignition coils, welding supplies, seat belts, bearings, breaks, sterilization tools, fruit, and vegetable concentrates, and a variety of active pharmaceutical ingredients (APIs), are among the listed goods.
India now receives a significant amount of oil from the Russian Federation. Since it began trading at a discount as the Western countries avoided it as retaliation for Russia’s conflict in Ukraine, India’s demand for oil from Russia has increased. Having a bilateral trade of 22.7 Billion US Dollars during the six months, the Russian Federation has risen to become India’s 5th largest trading partner this FY. At just the same time, exports totaled 1.3 Billion US dollars, and imports totaled 21.4 Billion US Dollars.