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Demand for Indian products have increased in Russia due to sanctions from West: CAIT

Updated: Apr 01, 2022 10:56:50am
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Demand for Indian products have increased in Russia due to sanctions from West: CAIT

New Delhi, April 1 (KNN) Demand for Indian goods have increased in Russia due to the sanctions imposed on it by USA, UK and European Countries who were one  the biggest exporters of Fast Moving Consumer Goods (FMCG) and consumable goods.

Russian trade organisations have reached out to the Confederation of All India Traders (CAIT) urging Indian manufacturers and traders to fill the void with Indian goods.

“They have reached out to us seeking our assistance to link the Russian demand with Indian manufacturers, traders and merchant exporters,” said CAIT.

The trade body said that it’s the best opportunity for Indian merchants as they have already shown great interest in exporting goods to Russia.

CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said that the demand for Indian products has increased very fast in Russia and in the first phase, products like various types of fruit jams and jelly, cornflakes, mussili, porridge, Oat flakes etc. are required on priority basis in different packaging.

The bilateral trade between India and Russia in April 2020 to March 2021 was of USD 8.1 billion dollars out of which exports from India to Russia were USD 2.6 billion, while imports from Russia were USD 5.48 billion.

“From the present opportunity, we can rapidly increase the export figures from India to Russia,”  said both trade leaders.

Major items of export from India to Russia are pharmaceuticals, telecom instruments, iron and steel, tea and chemicals, while imports include petroleum, pearl and semi-precious stones, coal, fertilizers and vegetable oils.

CAIT leaders said that according to the information received, Russia has specially authorized some of its selected banks to pay for the goods imported into Russia and all the goods will be paid in the Russian currency ruble in the place of dollars.

“This is the best opportunity for Indian products to enter the Russian market. CAIT will act as a facilitator between Indian manufacturers and traders and Russian traders in this matter,” they added. (KNN Bureau)

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