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Trade turnover between India, Russia hits $11.87 bln in 11 months, says minister of state

India’s imports of Russian goods and services rose to $8.69 bln in the reporting period, the media report

NEW DELHI, April 7. /TASS/. Trade turnover between India and Russia amounted to $11.87 bln from April 2021 to February 2022, Indian Minister of State for Commerce and Industry Anupriya Singh Patel said in the parliament on Wednesday.

India’s imports of Russian goods and services rose to $8.69 bln in the reporting period, the Economic Times newspaper wrote on Wednesday citing the minister of state. Exports to Russia reached $3.18 bln in 11 months of the financial year (expires on March 31). Detailed data on the state of bilateral trade for full financial year is expected later this month.

India’s government is currently forming a new strategy for external trade for maintaining the volumes of exports to Russia and imports from it amid the crisis around Ukraine. New Delhi and Moscow are considering the possibility of using the yuan as a basis currency for creating the mechanism for trade settlements at the rupee-ruble basis.

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