India expects $8-$9 billion in trade with Russia and Sri Lanka in 2 months – Times of India

New Delhi: India expects bilateral trade of $8-9 billion with Russia and Sri Lanka in the next two months after allowing international trade in rupee, India’s trade secretary said.
The Reserve Bank of India last month allowed importers and exporters to make payments in partially convertible rupees, a move widely seen as easing trade with Russia and its South Asian neighbors rather than relying on the dollar. went.
BVR Subramaniam told reporters late on Tuesday night, “The sale of Rs. “I see $8-$9 billion in trade with Russia and Sri Lanka in the next two months.”
He did not give any break in country-to-country trade.
India’s imports from Russia, mainly crude oil, increased nearly five-fold to more than $15 billion between late July and February 24, when Russia invaded Ukraine compared to the previous year, direct knowledge of the matter. According to a source.
But exports fell from $1.34 billion to $852.22 million in the same period, due to the lack of a payment settlement mechanism with sanctioned-affected Russia.
The latest data on trade between India and Sri Lanka, which is facing economic crisis, was not immediately available.
India has refrained from condemning Russia, with which it has long-standing political and security ties, while calling for an end to the violence in Ukraine. New Delhi defends its purchases of Russian goods as part of an effort to diversify supply, arguing that the sudden halt would raise world prices and hurt its consumers.
According to the latest preliminary trade data, India posted a record trade deficit of $31.02 billion for July, more than three times compared to the same period last month, due to a decline in exports and higher imports.
Subramaniam said the government was working on new trade deals with countries like the United Kingdom, which would boost its exports and address demand weakness in some of its markets.
He expects India’s merchandise exports to rise to around $500 billion in the current fiscal, starting April 1, from about $420 billion in the year-ago period.