Indian Economy News

India expects $8-$9 bn bilateral trade with Russia, Sri Lanka in two months

  • IBEF
  • August 4, 2022

The Reserve Bank of India permitted importers and exporters to pay in partly convertible rupees last month, largely perceived as making commerce with Russia and South Asian neighbours simpler rather than depending on dollars.

According to Commerce Secretary, Mr. B.V.R. Subrahmanyam, the rupee-denominated sales will be a huge benefit. He added that he anticipates US$ 8 billion-US$9 billion of bilateral trade with Sri Lanka and Russia in the next 2 months. He anticipates India's merchandise exports to increase to above US$ 500 billion in the current fiscal year, which began on April 1, from around US$ 420 billion the previous year.

According to a source with direct knowledge of the situation, India's imports from Russia, primarily crude oil, increased roughly fivefold to more than US$ 15 billion. According to the most recent provisional trade statistics, India reported a record trade imbalance of $31.02 billion in July, three times greater than in the same period the previous month.

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