“Thanks to our friendship, we were able to solve the problems of Indian farmers,” PM Modi told Putin.

Moscow:

According to data released during Prime Minister Narendra Modi’s visit to Moscow, in the 2023/24 agricultural season, India increased its imports of Russian grains and grain products by 22 times, compared to other major importers. I have too much.

Economic cooperation between the two BRICS members and major agricultural powers is high on the agenda of the visit.

Modi thanked Russian President Vladimir Putin for helping Indian farmers in stable supply of fertilizer. At the beginning of the year, Russia supplied one-third of India’s fertilizer imports.

“Thanks to our friendship, we have been able to solve the problems of Indian farmers, we have fulfilled all their needs for fertilizers. This is a special character of our friendship,” PM Modi said during a meeting in the Kremlin. Said to Putin.

India and Russia have set a “broad-based” bilateral trade target of $100 billion by 2030, up from the current $65 billion, Indian Foreign Secretary Vinay Mohan Kwatra said on Tuesday.

Russia exported 89.3 million tons of grain and grain products in the 2023/24 agricultural season, up 21 percent from the previous season, data released by the Russian Agricultural Watchdog showed.

India with its 22-fold increase was ahead of Indonesia with an eight-fold increase and Tunisia with a three-fold increase. Russia was the fourth largest exporter of agricultural products to India in the first quarter of 2024, according to data from the Russian Ministry of Agriculture.

The agriculture watchdog did not provide specific details of exports to India, but noted that, in the latest agricultural season, overall exports of barley rose by 67 percent and maize by 31 percent.

Russia currently does not export wheat to India, which has imposed a prohibitive 40 percent tax on wheat imports. However, wheat prices in India, the world’s second largest producer of the grain, have been rising in recent weeks due to supply concerns.

In light of these concerns, there are speculations that the Indian government may eliminate or reduce existing import taxes to keep prices low, possibly increasing wheat imports from Russia, the world’s largest wheat exporter. For the first time, the way to enter the local market will be opened. in six years.

(Other than the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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