“Because of our friendship, we managed to resolve difficulties for Indian farmers,” PM Modi advised Putin
Moscow:
India elevated its imports of Russian grain and grain merchandise 22 fold, nicely above different main importers, within the 2023/24 agricultural season, in line with knowledge launched throughout Prime Minister Narendra Modi’s go to to Moscow.
Financial cooperation between the 2 BRICS members and main agricultural powers is excessive on the agenda of the go to.
Modi thanked Russian President Vladimir Putin for supporting Indian farmers with steady provides of fertilizers. At first of the yr, Russia was supplying a 3rd of India’s fertilizer imports.
“Because of our friendship, we managed to resolve difficulties for Indian farmers. We met all their wants for fertilizers. It is a particular position of our friendship,” PM Modi advised Putin throughout a gathering within the Kremlin.
Russia and India have set a bilateral commerce goal of $100 billion throughout a “broad base” by 2030, up from the present $65 billion, Indian International Secretary Vinay Mohan Kwatra stated on Tuesday.
Information launched by the Russian agricultural watchdog confirmed that Russia exported as much as 89.3 million tons of grain and grain merchandise within the 2023/24 agricultural season, 21% greater than within the earlier season.
India, with its 22-fold enhance, was nicely forward of Indonesia with an eight-fold enhance and Tunisia with a three-fold enhance. In keeping with the Russian agriculture ministry’s knowledge, Russia was the fourth-largest agricultural merchandise exporter to India within the first quarter of 2024.
The agricultural watchdog didn’t present particular particulars of exports to India, however famous that, within the newest agricultural season, total exports of barley rose by 67% and corn by 31%.
Russia doesn’t at present export wheat to India, which has imposed a prohibitive 40% tax on wheat imports. Nonetheless, wheat costs in India, the world’s second-biggest producer of the grain, have been rising in current weeks as a consequence of issues over provides.
In mild of those issues, there may be hypothesis that the Indian authorities could abolish or cut back the present import tax to maintain costs low, probably opening the best way for wheat from Russia, the world’s main wheat exporter, to enter the native marketplace for the primary time in six years.
(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
