India is trying to minimize its trade deficit, which exceeded $27 billion in 2022. To do this, the government plans to increase exports to Russia. This was stated by Indian Foreign Minister Subrahamanyam Jaishankar.
In January-October of this year, Russian imports to India increased by almost 6 times. But Indian exports to Russia are only a quarter. The structure of foreign trade has also changed. If for decades Russia sold mainly arms to India, now it is oil.
In 2022, they began to import 11 times more crude Russian oil to India, almost 6.5 times more fertilizers, 4 times more oil products, and 3.5 times more coal. Even Russian exports of pearls and precious stones grew by 40%.
In turn, India plans to increase exports to Russia. In total, there are more than 500 items on the list of Indian goods that are priority for deliveries.
“We will deliver to Russia a set of goods that will be positively perceived by the market and will be competitive,” Minister Jaishankar said.
The minister was also supported by Prime Minister Narendra Modi, who consistently refuses to join Western sanctions. Modi’s position on anti-Russian sanctions is tough:
“India will form an export basket based solely on market mechanisms. And not the political conjuncture or the desires of the West.”
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