Russia became India’s fourth largest importing country for 10 months, business increased by 384 percent

India Increase Oil Import From Russia: India’s trade relations with Russia seem to be getting stronger. Both these countries not only help each other when the time comes, but are also taking their business relationship to new heights. India has maintained its import business with Russia despite the objections of America and European countries. As a result, India’s imports from Russia have increased by 384 percent. Also, in the last 10 months of the current financial year (FY22-23), Russia has become India’s fourth largest importing country.

Import increased by 384 percent

According to the latest figures of the Ministry of Commerce, India’s imports from Russia have increased by 384 percent. In this financial year, during April-January, India’s imports from Russia have increased almost 5 times to reach $37.31 billion. In the year 2021-22, Russia has been the 18th largest import partner of India. During this, India imported $ 9.86 billion from Russia.

largest supplier of oil

According to the data released by the Ministry of Commerce, the maximum oil is imported from Russia. Russia has become India’s fourth largest import source during the 10-month period of the current financial year. India’s demand for Russian crude oil has increased to a large extent in January.

this is the reason

Russia has defeated all the countries of the Middle East in terms of oil supply. Russia is India’s largest oil importer for 4 months. Russia is sending oil to Indian refinery with good discount on crude oil. Before the start of the Russia-Ukraine conflict, India used to import less than 1 per cent of its oil requirement from Russia.

so much oil business

Russia’s share in India’s imports has increased to 1.27 million barrels per day in January. That is, Russia’s share in India’s total oil imports has now increased to 28 percent. India is the third largest importer of crude oil in the world after China and America.

So much import from China-UAE

According to the ministry’s data, during April-January in the current financial year, imports from China have increased by about 9 percent to $ 83.76 billion. The same import from UAE has increased by 23.53 percent to reach $ 44.3 billion. During this period, India’s imports from the US have increased by about 25 per cent to $42.9 billion.

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