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Honouring a Hero: Colonel Vaibhav Anil Kale’s Sacrifice for Peace
Amidst the backdrop of the ongoing Russia-Ukraine conflict and subsequent Western sanctions on Russia, Minister of External Affairs S Jaishankar has stressed Russia’s pivotal role in fuelling India’s burgeoning economy.
According to information available in the public domain, the bilateral trade between India and Russia touched a record high of US$65 billion in 2023-24, placing Russia among India’s top five trading partners.
Speaking at an event in Kolkata to mark the Bengali-language edition launch of his book ‘Why Bharat Matters’ on Tuesday (May 14, 2024) the minister said: “The fact is that Russia is one of the biggest natural resources producers in the world,”
Russia & Indian Economy
Jaishankar stated that Russia ranked “very, very high” on the list of countries which would support India’s economic growth.
“If I were to make, put the experience issue aside, forget that I am from a foreign policy world, if I were to make purely an economic or business decision, I would say that there is a very strong case to have that relationship with Russia because, people look at oil,” stated the minister.
Adding, “Yes, oil is very important. But it is not just oil, its oil, its coking coal, its metals of various kinds, its fertilizers. And there are a range of products, and the more complex our economy becomes, I think in many ways, many of those resources out of Russia will become very important”.
India’s unwavering support for Russia, particularly in the realm of energy procurement, despite Western pressures, underscores the depth of the bilateral relationship between the two nations. Despite coercive measures from Western powers urging India to halt its transactions with Russia, India has maintained its historical ties and economic dependencies on the Eurasian giant.
Jaishankar’s assertion that “Russia is the fuel for India’s economy” highlights the multifaceted nature of the Indo-Russian relationship, extending beyond mere economic transactions to encompass strategic military alliances and shared geopolitical interests. The statement underscores India’s commitment to safeguarding its national interests while navigating the complex domain of international relations.
We wanted India to buy oil from Russia: Ambassador Eric Garcetti
The US Ambassador to India has claimed that: “India bought Russian oil because America wanted someone to buy Russian oil, America did not want the price of oil to increase.”
However, Jaishankar’s previous disclosures about the intense pressure India faced to abstain from buying Russian oil during international forums further complicates the narrative, highlighting the nuanced undercurrents at play in diplomatic interactions.
India’s trade dynamics, as evidenced by its recent trade patterns, reflect a strategic recalibration in response to shifting geopolitical landscapes. While trade with traditional partners like China and Russia has surged, signalling a diversification of economic ties, bilateral trade with the United States has experienced a decline. This shift underscores India’s evolving economic priorities and strategic realignment within the global order.
Trade with China & Russia High
According to the latest report of Global Trade Research Initiative (GTRI), China has once again become India’s largest trading partner during the financial year 2023-24. Bilateral trade between India and China is up to US$118.4 billion while imports from Moscow have increased by 952 percent and exports by 78.3 percent. Trade with Saudi Arabia also increased, exports more than doubled and imports are also increasing at a slow pace.
At the same time, there was a decline in bilateral trade with the US exports by 1.32 percent and imports decreased by 20 percent to only US$40.8 billion.