Indian Economy News

India to benefit from increased global demand for metals, foodgrains

  • IBEF
  • March 4, 2022

According to ICICI Securities, India is well-positioned to benefit from growing global demand for steel, aluminium, and foodgrains such as wheat and rice. India is a viable option for numerous mineral products that are traditionally dominated by Russia. India's exports will likely benefit from the sanctions placed on Russia as an alternate supply of steel, aluminium, and foodgrain, according to the brokerage.

India produces more steel and aluminium than Russia, has abundant wheat stocks, and is the top rice exporter in the world. India typically produces surplus foodgrains, which allows the inflationary impact of reduced Russian supply to be controlled "relatively easily," according to the report.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.