India-Russia The trade ties between India and Russia have strengthened with volume touching $65.7 billion in the financial year ending in March 2024, media reports said.
In a landmark development, India has supplied aluminum to Russia, which itself is the world’s second-largest exporter of the metal, according to Sputnik’s analysis of Indian customs data.
India sold 44,800 tons of unprocessed aluminum to Russian companies for $16.5 million in April, according to the figures furnished, the Russian news agency reported.
Intensifying the trade and economic relations has been identified as a priority area by both the leaders, who had earlier set the targets of increasing bilateral investment to $50 billion and bilateral trade to $30 billion by 2025, as per Indian Embassy in Russia website.
"As per figures of Department of Commerce, in FY 2023-24, bilateral trade has reached an all-time high of $ 65.70 billion [Total bilateral merchandise trade for FY 2023-24: USD 65.70 billion; India’s exports: USD 4.26 billion; and India’s imports: USD 61.44 billion]," the statement said.
Major items of export from India include pharmaceuticals, organic chemicals, electrical machinery and mechanical appliances, iron & steel, while major items of import from Russia include oil and petroleum products, fertilizers, mineral resources, precious stones and metals, vegetable oils, etc.
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