India’s unwavering commitment to strong ties with Russia is showcased through their deep economic and defense partnerships, especially in the oil sector. Despite Western pressures, New Delhi continued to purchase discounted Russian crude oil, leading to a significant increase in bilateral trade. Recent data shows a 33% rise in trade, reaching an all-time high of $65.7 billion in the fiscal year 2023-24.
With India ramping up oil imports from Russia, negotiations for higher oil discounts are expected during Prime Minister Modi’s visit to Moscow. ICRA estimates that India saved billions on its oil import bill due to these discounts, highlighting the economic impact of this partnership. However, the trade balance remains skewed, with a widening deficit that needs addressing.
Furthermore, India and Russia are exploring opportunities to expand cooperation in clean energy, with a focus on hydro, thermal power, and nuclear energy. Initiatives like the RITM-200 Small Modular Reactor technology offer promising prospects for India’s energy landscape.
Overall, Prime Minister Modi’s visit underscores the efforts to strengthen the longstanding India-Russia partnership across various sectors, paving the way for deeper collaboration in the future.\
[ad_2]
Source link
