Imports in India have increased a lot and exports have come down drastically, know the reason....!
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During the months of April and May this year, India imported 3.7 times more than Russia.
Be the first to read in today's press review, the news of India's record oil import increase from Russia, which is facing sanctions after the attack on Ukraine.
According to the report of the English newspaper 'Times of India', within two months, Russia has exported five billion dollars to India, in which the quantity of crude oil is the highest. This is half of the total imports made from Russia from 2021 to 2022.
Since Russia's attack on Ukraine in February, India's imports have increased nearly three and a half times to $ 8.6 billion. During the year 2021, India's imports from Russia in the same period were only $ 2.5 billion.
Quoting data available with the Ministry of Commerce, the report said that apart from petroleum, there has been a significant increase in the import of fertilizers and cooking oil. There has also been a big increase in the import of coal, diamond and other precious gems. India's trade deficit with Russia has increased.
Under pressure, External Affairs Minister S. Jaishankar had also made it clear to the international media that the amount of oil India is buying from Russia, Europe buys in less than a day.
India has been continuously saying that by buying oil from Russia, it is not violating any sanctions. In June, the news agency Reuters also reported in its report that Russia has overtaken Saudi Arabia in the list of countries that sell the most oil to India. Iraq is at number one.
Imports increased but exports hit
India's imports from Russia have increased, but it is paying its price in the form of declining exports. According to the newspaper report, due to the reduction in India's exports to Russia, the trade deficit reached $ 4.8 billion in the first two months of the year 2022-23, compared to $ 900 million in the same period last year.
According to estimates in April and May 2022, imports of fuel products have increased six-fold to $4.2 billion. Of this, crude oil has been purchased at a cost of $ 3.2 billion. At the same time, during 2021, no imports were made from Russia in these two months.
Except for the month of February (when the war started), the import of 'mineral oil' from Russia has increased every month. Between February and May, these imports were said to be $ 5.3 billion, which is five times more than the same time last year.
These figures show that in spite of international pressure since March till now, the Indian government is importing from Russia without any hesitation.
Based on government sources in the report, it has been told that sanctions imposed by Western countries have helped India to get better deals with Russian companies and it is in the interest of India's economy.
Unlike in the early days of the war, these figures show that there are now direct transactions between the two countries because crude oil is exempted from international sanctions. As a result, imports of fertilizers have also increased, and since the start of the war in February, the value of shipments has increased eight-fold to $608 million.
