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 worlds second-largest exporter of the metal, according to Sputniks 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; Indias exports: USD 4.26 billion; and Indias 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.
