According to experts, it will not be easy for Indian exporters to send these goods to Russia. (File)
New Delhi:
An official said the commerce ministry has shared with exporters a list of hundreds of items, such as auto parts and textiles, that Russia wants to import from India.
Russia, which has been slapped with sanctions by Western countries over its invasion of Ukraine, shared a list of hundreds of items from the sectors including pharmaceuticals, textiles, auto components and chemicals.
“Russia is looking to import these goods from India. The list has been shared by the ministry with the respective export promotion councils and exporters to see if they can ship those products to Russia,” the official said.
According to industry experts, it will not be easy for Indian exporters to send these goods to Russia as they are facing difficulties regarding the availability of containers for Russia.
“Indian exporters may be in a position to supply these materials but at present the availability of ships and containers to Russia is very limited. There are very limited agencies that are taking orders for Russia, so Indian exporters are unable to supply are not in a position even though they have the material,” said one of the experts.
The apparel industry has shown interest in transporting goods, but the auto industry is skeptical. Some exporters have sent back the list to the Indian Embassy in Moscow.
Commenting on the issue, Federation of Indian Export Organization (FIEO) Director General Ajay Sahai said that Russian buyers are inquiring about a wide range of products from India.
“Indian exporters are evaluating the offer as they, with their diverse export basket covering the US and EU, have to be wary of sanctions. With payment mechanisms opening up in a few days and logistics options opening up, we expect Shipments under this mechanism will start from the current month.” Sahai said.
The list of goods included axles, crankshafts, fasteners, pistons, power steering pump drive shafts, oil pumps, valve springs, turbochargers, oil filters, spark plugs, ignition coils, seat belts, bumpers, welding materials, bearings, brakes, sterilization equipment Huh. , number of Active Pharma Ingredients (APIs), and fruit and vegetable concentrates.
Russia has become a major oil supplier to India. India’s appetite for Russian oil has grown since it began trading at a discount as the West dumped it to punish Moscow for its invasion of Ukraine.
Russia has emerged as India’s fifth largest trading partner with bilateral trade during April-September this fiscal$22.7 billion during the six-month period.
Exports were $1.3 billion, while imports were $21.4 billion during the same period.
In 2021-22, Russia was India’s 25th largest trading partner with bilateral trade at $13.12 billion. Exports were $3.25 billion, while imports were $9.9 billion during the same period.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
featured video of the day
Sensex reaches record high of 62,528.38 despite global gloom
