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India-Russia Trade Deal: The war between Ukraine and Russia has reduced the supply of goods. In such a situation, Russia is demanding supply of some things from India. Russia has demanded agricultural products from India for cars and other automobile goods and food. At the same time, exporters have demanded to do business in Indian currency and reduce the cost.
Russia is demanding the supply of products like cars and food from India, because Russia was banned from all sides after the attack on Ukraine, due to which there has been a huge shortage of products. There is also a shortage of vehicle parts, due to which many car companies are closing their firms.
According to a Times of India report, there is a demand for Indian auto component players as well as car companies to enter Russia, while auto part exports seem feasible. Many companies of the Indian automobile industry may agree to supply vehicles. Even domestics such as Tata Motors and Mahindra & Mahindra may join the international fold, which includes marquee Jaguar and Land Rover brands in the past.
Preparation for export of these things
A team of exporters based in Russia has discussed the supply of soy and several other agricultural products, as Moscow seeks to increase supplies. One exporter said supermarket shelves are emptying and the duty-free shop (at the airport) has little more than Russian vodka and no deals have yet been struck to replenish supplies.
Emphasis on doing business in Rupee-Ruble
Exporters say that one rupee ruble trade will help a lot. Currently incur a loss of about 4 per cent in each transaction. Exporters have suggested to the commerce department that the rates may be notified by the RBI every fortnight.
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