At the heart of the matter is the quest for stability in global oil markets.
The Russia – Ukraine war and subsequent imposition of several sanctions on Russia by different countries has opened gates for the export opportunities for a large number of Indian products as the demand of Indian goods has tremendously increased in Russia.
Earlier Russia was importing a large number of FMCG and consumable goods from USA, UK and European Countries which has now stopped because of the sanctions on Russia.
“This has encouraged Indian manufacturers and traders to fill the void with Indian goods and therefore several credible trade organisations of Russia have reached out to the Confederation of All India Traders (CAIT) seeking its assistance to link the Russian demand with Indian manufacturers, traders and merchant exporters,” said CAIT National President BC Bhartia.
He 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, different types of tea, coffee powder, premixes tea and coffee, sugar, salt and pepper sachets & blisters, milk powder, fruit, vegetable, instant mix pancake, cheese, pasta, fusilli and macaroni, butter, sour cream, fruit drinks, fermented curd, soup goods, spices, honey, biscuit, pickles, frozen snacks, etc. are required on priority basis in different packings.
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, fertilisers and vegetable oils.
CAIT has therefore urged its chapters in all the states of the country to work on the first list received from Russia so that more and more Indian manufacturers and traders can take advantage of this opportunity and export their goods to Russia in substantial quantities.
They further added that CAIT has also informed its contacts in Russia to explore the possibilities of other products of India like footwear, toys, readymade garments, clothes, other food grains, builder hardware, paper and stationery, computer and computer accessories, glasses, bicycles & bicycle Parts, auto parts etc. may also have substantial demand in Russia.